Crypto whales have been capitalizing on the crypto market recovery to hunt down bigger gains on several altcoins. On-chain analysis beams the spotlight on 3 altcoins that have witnessed unusually high capital inflows from large institutional investors ahead of November 2023.
As the market rally matures, crypto whales have strategically invested in Ripple (XRP) and two other top-ranked altcoins. Will these tokens deliver timely profits in November 2023?
Whales Stepped Up Ripple (XRP) Accumulation After Legal Victories
The Ripple (XRP) team has further consolidated on the landmark victory over the Security and Exchange Commission (SEC). In October, the SEC dropped a long-running “market manipulation lawsuit filed against Ripple’s top executives.
On-chain data reveals that strategic crypto whales have accelerated XRP accumulation on the news. Over the last 10 days, the whales holding 1 million 100 million XRP have acquired another 80 million coins. This has triggered an instant XRP price rebound above $0.60.
The whales intensified their buying pressure shortly after the SEC dropped the case around October 19. Valued at the current price of $0.60, the newly acquired 80 million XRP coins are worth approximately $48 million.
Notably, XRP was trading around $0.65 when the ongoing whale buying trend began in early August. Hence, strategic investors will be alert to see if the whales will begin to book profits once the XRP price edges closer to that range in November 2023.
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Decentraland (MANA) Large Investors Show Interest in Metaverse
In September, the Metaverse sector slipped into troubled waters as prominent GameFi projects like Sandbox (SAND) and Enjin Coin (ENJ) sank to historic lows.
But before November, crypto whales have been scooping up large amounts of Decentraland (MANA), sparking hopes of a broader metaverse revival.
Indicatively, the MANA token attracted an unusually high number of whale demand on November 2, 2023. Remarkably, the Santiment chart below shows the 42 MANA whale transactions recorded on Thursday are the highest since June 5.
The Whale Transactions Count metric tracks the daily number of confirmed transactions that exceed $100,000. When it increases, it adds liquidity to the market and puts upward pressure on the token price.
Remarkably, whale transactions have seen MANA price rally 48% to reclaim the vital $0.40 territory. If it persists, those who bought MANA at its all-time low in September can anticipate historic November profits.
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Injective (INJ) Attracting Investors With Landmark Product Updates
Injective (INJ) price broke out toward a 20-month peak of $12 on October 23 as investors reacted positively to a vital product feature launched on its native decentralized exchange, Helix.
But since then, crypto whales have continued to pile on demand, allaying fears that the initial rally was a flash in the pan. In effect, Santiment data reveals INJ has attracted a consistent flow of whale transactions in the 16 days consecutively, dating back to October 18.
Notably, the last time that happened was in April 2023.
With INJ’s price now approaching the $14 range, it appears that the whales are looking to push for higher profits in November. However, it is worth noting that the $14.20 range was the level that INJ price retraced when the global crypto markets famously reached an all-time peak in November 2021.
But if the whales maintain their current buying intensity, INJ could break decisively above that historically significant resistance level.
In summary, due to their financial power, corporate entities and high-networth investors often wield significant influence in a blockchain network. Hence, some strategic retail investors could mirror crypto whales’ recent trading pattern by buying Ripple (XRP), Decentraland (MANA), and Injective (INJ) for November profits.
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Top crypto platforms | November 2023
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