The cryptocurrency market has been plunged into a decline this week, with global crypto market capitalization dropping by 11% in the past seven days.
As the market continues to face volatility, crypto whales have been acquiring specific altcoins to navigate the downturn. Some of the tokens that are attracting attention from major investors during the first week of February are Dogecoin (DOGE), Pepe (PEPE), and Cardano (ADA).
Dogecoin (DOGE)
Leading meme coin DOGE has enjoyed significant whale attention this week. The triple-digit surge in its large holders’ netflow, which has spiked by 112% in the past seven days, reflects the whale activity.
Large holders refer to whale addresses that own more than 0.1% of an asset’s circulating supply. Their netflow tracks the difference between the coins they buy and sell over a set period.
When their netflow spikes, it indicates that these large investors are purchasing more coins. This is a bullish signal that could prompt retail traders to increase their buying activity as well.
DOGE Large Holders Netflow. Source: IntoTheBlock
If DOGE whales continue to buy the altcoin, it may resume its uptrend and climb toward $0.32.
Pepe (PEPE)
Ethereum-based meme coin PEPE is another altcoin the whales bought this week. BeInCrypto’s assessment of its supply distribution shows that whale addresses holding between 100,000 and 1,000,000 tokens have bought 870 million PEPE in the past seven days.
This has pushed the group’s PEPE holdings to an all-time high of 27.09 billion.
PEPE Supply Distribution. Source: Santiment
If whale accumulation persists, the meme coin’s value could rise to $0.000010.
Cardano (ADA)
This week, layer-1 (L1) coin ADA is also a top pick among crypto whales. Per Santiment, ADA large investors holding between 100 million and 1 billion coins have accumulated 330 million ADA worth above $230 million over the past seven days.
ADA Supply Distribution. Source: Santiment
Moreover, if accumulation persists, the L1 coin could see its value rocket above $0.80.
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