Whale watching bots uncovered millions of altcoin processes that flowed to centralized exchanges like Binance during the day. It was the latest development that a Dogecoin whale, which had been sleeping for nearly 8 years, emptied its entire wallet.
Whales are piling on Binance, FTX and Bitstamp from this altcoin project
Whale-watching bot Whale Alert has detected 492.94 million XRP transferred by whales in the last 24 hours. The massive XRP processes came just hours after Ripple locked a total of 1.2 billion XRP into the Escrow wallet. According to Whale Alert, 67.5 million XRP flowed from FTX to an address on Binance in three different processes. During the process, 67.5 million XRP was worth approximately $30.42 million.
Another $10.1M process spotted by the whale watching bot from FTX to Binance:
The latter process was worth $10,190 million. It happened again from FTX to a Binance wallet.
Other XRP transactions
In the middle, a Binance whale moved a total of 68.7 million XRP to an anonymous wallet at a cost of approximately $31 million. The giant transfer took place in three different processes.
Fourteen hours ago, 25 million XRP ($11.51 million) was deposited at an address on the Bitstamp exchange, a partner of Ripple’s On-Demand Liquidity (ODL) service.
Also, an anonymous whale moved 140 million XRP from one anonymous wallet to another. The process was worth $62.97 million when Whale Alert reported it.
Also, an anonymous whale transferred 25 million XRP (about $11.3 million) to an address on Bitstamp.
Whale Alert also reported that 23.37 million XRP tokens were withdrawn by an anonymous whale from Bitstamp at a cost of $10.56 million.
Sixty million XRP ($27.34 million) was moved from an anonymous wallet to an address on the Bitso exchange.
An hour later, 83.4 million XRP ($37.82 million) was withdrawn from the Bitso exchange by an anonymous whale.
Altcoin whales’ appetite for XRP linked to SEC lawsuit
Whales’ interest in XRP continues to grow as the lawsuit goes in Ripple’s favour. Several major companies, such as Coinbase, gave Ripple a foothold by filing amicus briefs supporting Ripple’s summary decision move. Digital wallet service Cryptillian Payment Systems has also requested an amicus briefing in favor of Ripple.
Koindeks.comAs you follow, XRP is currently trading at $ 0.45528.
Bicoin price risks falling as stablecoin flows to exchanges
Aside from the above XRP processes, the metric of stablecoins flowing into exchanges during the day has reached a new high. This metric indicates high volatility in the short term, as it is possible for investors to buy Bitcoin or other altcoins with these stablecoins. He also suggests that Bitcoin will not fall further than its previous low of around $18,000.
Historically, large stablecoin movements often result in strong market rallies. Now whales are piling stablecoins on exchanges to do this again. According to Santiment data, Bitcoin whales are poised to re-enter the market and push prices higher after a long bear market. Also, the stablecoin market cap increase will support a Bitcoin base. Here are the biggest stablecoins currently flowing into exchanges:
- Tether (USDT)
- USD Coin (USDC)
- Binance USD (BUSD)
- DAI (DAI)
- Pax Dollar (USDP)