Crypto Prices Fall, But Whales Buy The Dip In These Coins

Following an explosive, broad-based rally in July, crypto prices are cooling down to close out the month. 

Failing to breach the $120k resistance once again on Monday, the Bitcoin price fell back to $117,000 on Wednesday, which has now emerged as a key support level. 

Meanwhile, Ethereum failed to hit $4000 once again and is trading at $3780 at press time. Analysts have highlighted that $3730 is the key support level for the bulls to hold to keep the uptrend intact. 

Unsurprisingly, altcoins are faring much worse. The XRP price is down by more than 16% from its July high of $3.66, trading as low as $3.06 on Wednesday. Similarly, the Dogecoin price is down 10% over the past week. 

However, on-chain data suggests that whales are aggressively buying the dip, with XRP and Dogecoin among their top choices. Meanwhile, presale cryptos like Bitcoin Hyper and Snorter are also in high demand. 

Whales Buy The Dip In XRP, Dogecoin And Ethereum

Strategy, formerly called MicroStrategy, continues to buy at every dip in Bitcoin. As the price fell, the company acquired an additional 21,021 BTC, worth ~$2.46 billion, at an average cost of $117,256. 

However, long-term holders have offloaded 207,000 BTC over the past month, indicating that Bitcoin may no longer have as much upside as altcoins. 

On the contrary, some of the largest whales on the network purchased 220,000 ETH, worth nearly $840 million, in a 48-hour span earlier this week. Whales and institutions continue to bet on the second-largest crypto. 

Data from Lookonchain confirms the strong buying pressure on ETH from whales. Just today, on Thursday, 3 fresh wallets accumulated 73,821 ETH, worth $283 million. Since July 9th, 11 fresh wallets have invested $2.77 billion in Ethereum. 

As of July 29th, spot Ethereum ETFs have extended their green streak to 19 days, recording nearly $5.4 billion in inflows. Meanwhile, Ethereum treasury firms like Tom Lee’s BitMine and Sharplink Gaming continue to increase their ETH holdings. 

Besides ETH, whales are also buying the dip in XRP. Prominent analyst Ali Martinez reveals that large wallets purchased nearly 60 million XRP, worth over $180 million, in just a day. 

Similarly, whales bought 130 million DOGE over a 24-hour span as well. 

Considering the strong whale demand, it is likely that XRP and Dogecoin are among the top crypto gainers once the broader market outlook improves. 

Low-Cap Cryptos In High Demand

Besides the large caps, smart money investors continue to have a sizable exposure to low-cap gems with high upside. 

A new BTC Layer-2 coin, Bitcoin Hyper (HYPER), has raised nearly $6 million in its viral presale. Prominent influencers like Borch Crypto, with nearly 100k subscribers, are among its early buyers and are now calling it one of the top crypto presales to invest in. 

Powered by the Solana Virtual Machine and cutting-edge architecture, Bitcoin Hyper aims to bring the speed, scalability and programmability of modern blockchains to Bitcoin, without reducing its security or decentralization. 

Layer-2 coins tend to reach multibillion-dollar valuations, which explains why many are calling HYPER the next 100x crypto. 

Similarly, Solana trading bot Snorter’s native token, SNORT, has raised over $2.5 million in its presale. 

The Snorter Bot is in high demand from retailers, considering it offers them the same level of speed, sophistication and automation that whales use in the meme coin sector. 

Besides its sub-second sniping capabilities, it allows for automated futures trading, copy trading and more, all at a minimal 0.85% trading fee for SNORT holders. Users are also protected from rug pulls and MEV scams in the meme coin market. 

Owing to its unique value proposition, many experts are backing Snorter as one of the best cryptos to buy now. 

Visit Snorter Token Presale

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