Warning: Whales Are Dumping These 2 Altcoins in June, Also Heavily Buying Another That Pumped 2000%
June 7th, 2024 at 1:21 pm UTC · 4 mins read
/Retik Finance/ – Cryptocurrency markets have always been subject to volatility, influenced by a myriad of factors ranging from market sentiment to regulatory developments. However, one significant factor that can sway prices dramatically is the actions of large holders, often referred to as “whales”. These entities hold substantial amounts of cryptocurrency and have the power to impact market movements through their buying and selling activities. In June, the cryptocurrency community was abuzz with news of whales dumping two prominent altcoins, Ripple (XRP) and Pepe, while heavily buying into another coin that has experienced a staggering 2000% surge in value – Retik Finance (RETIK). Let’s delve into the details of these developments and what they mean for investors and traders.
Ripple (XRP): Bearish Signals Amidst Whale Dumping
The cryptocurrency market is still closely monitoring Ripple Labs’ native crypto, XRP. Despite its significance in the crypto space, XRP has faced challenges, including regulatory scrutiny. In June, XRP encountered further turbulence as whales began dumping significant amounts of the token, contributing to its bearish outlook. According to data from on-chain transactions monitoring tools, a well-known XRP whale under the handle Rzn has been offloading large volumes of XRP to exchanges, notably Bitstamp and Bitso. This dumping spree has amounted to about 50 million XRP tokens within a 24-hour period. The continuous selling pressure from whales has fueled speculation about the future price trajectory of XRP. While the cryptocurrency experienced a slight uptick, reaching $0.5277 on CoinMarketCap with a 0.19% increase over the last day, it remains in a bearish position overall. With XRP having fallen 1.28% in the previous week, investors are cautious about its prospects amidst the ongoing whale activity.
Pepe (PEPE): Bearish Divergence Signals Potential Price Correction
Another altcoin facing pressure from whale activity is Pepe, a cryptocurrency that has gained attention for its meme-inspired branding. In June, the market dynamics of Pepe raised concerns among traders and investors due to a phenomenon known as “bearish divergence.” The price of Pepe has been on an upward trajectory, but its daily Relative Strength Index (RSI) has been declining, signalling weakening momentum. This divergence suggests a potential price reversal, similar to the 40% crash experienced by meme coins in January following a comparable trend. Moreover, the daily RSI of Pepe has crossed over 70, entering the overbought territory, which often precedes a period of price correction or consolidation. Analysts anticipate that the price of Pepe could correct by as much as 40%, falling towards its 50-day exponential moving average (50-day EMA) at around $0.00000965 by June.
Retik Finance (RETIK): Whale Buying Spurs 2000% Surge
While Ripple and Pepe face selling pressure from whales, another altcoin, Retik Finance (RETIK), has experienced a surge in interest and price following heavy buying by these same whales/ Retik Finance is a decentralized finance (DeFi) platform designed to address the inefficiencies and limitations of traditional financial systems. The RETIK token serves as a utility token within the platform, powering various features and functionalities. The launch of RETIK on May 21 marked a significant milestone for the coin, with its simultaneous listing on multiple exchanges attracting considerable attention from investors. Within hours of its debut, the market capitalization of RETIK soared to almost $3 billion, and the token price reached an all-time high of $3, representing a 2000% increase from its launch price. The success of RETIK’s launch can be attributed to heavy buying by whales, who recognized the potential of the coin within the DeFi space. The strategic listing on multiple exchanges provided liquidity and accessibility to a broad range of investors, further fueling demand for RETIK. Market experts and analysts are optimistic about the future of RETIK, citing its strong fundamentals, innovative features, and strategic partnerships as key factors driving its growth. As the DeFi market continues to mature and expand, RETIK is poised to emerge as a leading player, shaping the future of decentralized finance.
Conclusion: Navigating Whale Activity in Cryptocurrency Markets
In summary, the cryptocurrency market in June witnessed contrasting trends in the activities of whales across different altcoins. While Ripple (XRP) and Pepe face selling pressure from whales, leading to bearish sentiment and potential price corrections, Retik Finance (RETIK) has experienced significant buying activity, driving a remarkable surge in its price. These events highlight the importance of monitoring whale activity in the crypto market and its potential impact on price movements.
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