DOGE and XRP whales buying coins in the billions

The enthusiasm of whales is becoming increasingly evident in the days leading up to Trump’s inauguration. Dogecoin whales have reportedly accumulated nearly one billion coins, while Ripple whales acquired one billion XRP coins in the last two days.

DOGE whales appear to be influenced by Elon Musk’s latest cautionary remarks about crypto price fluctuations.  

If dollar inflation is solved, the price in dollars to buy cryptocurrency will actually drop, other things being equal.

What matters is the ratio of dollars to crypto.

— Elon Musk (@elonmusk) January 7, 2025

Now, data shows that nearly 690 million DOGE tokens were purchased and sold within the two days that followed. 

On the other hand, Ripple’s whales have been increasing lately, particularly in South Korea. Since Gary Gensler, the coin’s adversary, is resigning and a new government takes office, the “XRP army” has been extremely upbeat about the cryptocurrency.

DOGE whales influenced by Musk’s comments 

One crypto analyst emphasizes the recent trading frenzy surrounding Dogecoin, which has gained significant attention leading to whales amassing approximately 470 million DOGE in just 48 hours.

The main driver appears to be Elon Musk’s comments on crypto pricing, which have elicited diverse interpretations from the financial community. Musk stated that a large drop in Bitcoin and Dogecoin values could occur within the next two years, depending on the resolution of dollar inflation.

His assertion suggested that improved financial conditions, notably dollar inflation, might reduce the dollar-to-crypto price ratio. Still, Musk’s statements are significant because they reflect the larger economic consequences that may affect crypto values.

Meanwhile, investors’ quick reaction to the substantial 20% decline in Dogecoin’s price cannot be overlooked. The price plummeted from $0.39620 to $0.31648. Dogecoin is back to trading at $0.33189, representing a minor recovery of 4.66% from earlier in the week, as the general market has experienced a slight rebound. 

For now, the volatility is in line with the typical patterns observed in the crypto market. 

Notably, whale transactions have occurred as substantial sell-offs in conjunction with the accumulation. Whale Alert recently noted two substantial transfers to Coinbase, which collectively amounted to more than 219 million DOGE and were estimated to be worth $73 million. These transactions may suggest that large holders are preparing for anticipated future price movements.

XRP whales confidence is high 

XRP’s recent price performance could be a reaction to the recent accumulation noticed among large-scale XRP investors. Ripple billionaires have acquired 1 billion XRP coins in approximately 48 hours.

The substantial accumulation trend may have been triggered by Ripple Labs’ recent transfer of 300 million XRP, worth approximately $682 million, to an unidentified wallet. 

Meanwhile, the price of XRP was approximately 1.2% higher at $2.35, and its trading volume decreased by 9% to $4.9 billion. The price of the crypto has fluctuated between $2.36 and $2.26 in the past 24 hours.  

CoinGlass data indicates that the asset’s Futures Open Interest increased by 3% to $4.37 billion. Also,  analysts expect the crypto to rally in the coming days. In the case of a potential move south, the support levels for the crypto are at $2.23 and $2.13.

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