On-chain data shows that major investors are steadily accumulating high-volume altcoins like Ripple despite the ongoing market uncertainty.
Whales defy uncertainty by uploading to Ripple and MATIC
Whale-watching platform WhaleStats reports that among the top 5,000 Ethereum whales, MATIC is second only to Shiba Inu with savings of $167,714,936. On the other hand, whales with between 100,000 and 1 billion Ripple (XRP) have been on a buying spree since March 7.
One of the reasons for the demand for XRP may be the increased momentum in the SEC litigation. In particular, the increase in Ripple’s support for the regulator is notable. cryptocoin.comAs we reported, Messari CEO Ryan Selkis expressed his optimism about winning the case for the payments network.
In their March 21 analysis, Selkis wrote: “I have criticized Ripple for various reasons in the past, but I feel more aligned with them than ever before. Ripple should win the over-explosive XRP-SEC lawsuit and XRP Ledger should be able to compete fairly globally for digital payments infrastructure.”
Ripple network welcomes new whales
According to Santiment data verified by on-chain analyst Ali Martinez, 50 new whales holding 10-100 million XRP have been added to the Ripple network. These whales have accumulated 420 million XRP worth $185.4 million over a one-month period.
On the radar of whales in Polygon (MATIC)
Whales also accumulate large amounts of MATIC, possibly due to enthusiasm for zkEVM technology. Ethereum scaling solution announced earlier in the month a decentralized identity solution that provides developers with the tools to build self-managed, decentralized and custom identity solutions based on zkEVM.
Could Chainlink (LINK) win the attention of whales?
Chainlink (LINK) has witnessed a steady decline in the number of investors lately. Data from Dune revealed that the number of wallets with 1+ LINK daily has been on a downward trend for months. According to Market.link, gas spent on the network has also decreased, indicating less use of the Chainlink network.
Yet, despite the decreasing number of users on the network, whales still prefer LINK to other cryptocurrencies. LINK recently surpassed Shiba Inu to become the most traded token among the top 500 Ethereum whales.
Additionally, LINK is accelerating efforts to increase adoption, which can play a role in attracting new users to the network. One of the most recent was the integration with SteakHut, which equips Chainlink Automation to support automated liquidity management.
With the new announcements, much like network activity, LINK’s on-chain metrics also reveal an optimistic scenario. For example, while LINK’s supply on the exchanges has decreased, its off-exchange supply has increased. This trend could help LINK change the price trajectory in the coming days. Current technical analysis predicts that LINK could gain value between 10-15% with the emerging market.