Jakarta, Pintu News – As the third quarter begins, the market’s attention is on the movements of the whales, and this July, several altcoins seem to be their main targets.
Crypto whales, who are known for having large funds and the ability to move markets through their transactions, have long been an indicator of wheresmart money is flowing.
Although the market is now entering a phase that many consider more stable, their influence has yet to wane.
In this article, we review the top three altcoins that are currently attracting whale attention, as well as their potential impact on price in the coming weeks.
HYPE, the native token of the Hyperliquid ecosystem, became one of the most attention-grabbing whales ahead of July.
Read also: Top 3 Crypto Airdrops to Watch out for in Early July!
After hitting an all-time high of $45.59 on June 16, HYPE had a mild correction and dropped below $40. However, on-chain activity shows that the big players have not retreated.
Based on data from Spot On Chain, a whale bought HYPE for nearly $6 million on June 27.
As of June 30, two more wallets-possibly still associated with the same entity-opened new long positions, signaling renewed optimism for price increases.
If accumulation by whales continues at this pace, HYPE has the potential to test its highs again, perhaps even breaking the $50 mark.
In a more aggressive scenario, a move towards $60 is also not out of the question.
But as always in the altcoin world, the continuation of this momentum depends largely on whether the whales continue to buy. If the big wallets start to stop, a short-term correction is possible.
The next altcoin to be targeted by whales is Arbitrum . Surprisingly, the price of ARB recorded an increase of almost 40% in the last seven days, and data shows that whales played a role in this surge.
According to data from Arkham Intelligence, the 13th largest holder of ARB has recently increased its token amount significantly-a total of 77.12 million ARB worth more than $27 million.
After the accumulation, the on-chain data from IntoTheBlock recorded a spike in netflow from Arbitrum’s large holders. This increase in netflow indicates that most whales bought more tokens than they sold.
If this trend continues, ARB prices could potentially rise towards $1 in July. On the other hand, this prediction could be off if there is massive profit-taking, which could potentially push the price of ARB close to its all-time low.
Read also: 3 Crypto Top Gainers on CoinGecko that are Must-Hunts in Early July!
The third altcoin that is being hunted by whales is SKY. For those who are not familiar, SKY is the native token of the latest improved version of the Maker protocol.
Throughout this month, SKY’s price has risen by almost 25%. As we approach the turn of the month, the altcoin seems to have the potential to maintain its gains and not lose momentum.
One of the reasons behind this prediction is the number of tokens held by whale addresses. Based on data from Santiment, the total tokens controlled by whales holding more than 1 billion SKY has increased to 26.57 billion.
Currently, there are indications that the whales may still continue their accumulation. If this trend continues, SKY prices could potentially outperform in July.
On the contrary, if selling pressure increases, this optimistic scenario may fail to materialize.
That’s the latest information about crypto. Follow us on Google News to stay up-to-date on the world of crypto and blockchain technology.
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.
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