Dogecoin and XRP whales have renewed their enthusiasm in the crypto market in the days leading up to Donald Trump’s inauguration. Whales dealing in both tokens have reportedly accumulated one billion coins in XRP and Dogecoin, respectively, over the last two days. Reports claim that Dogecoin whales were influenced by Elon Musk, with the Tesla boss cautioning the market about crypto price movements.
Data has shown that about 690 billion Doge were traded in the days that followed. Ripple whales, on the other hand, have been active, especially in South Korea. Since their greatest enemy, Gary Gensler is set to resign in the coming days before Trump’s inauguration, they are brazenly accumulating the asset.
DOGE whales influenced by Elon Musk’s commentsa
According to a crypto analyst, there has been increased interest in Dogecoin, with whales turning their attention to the token. They have built up 470 million DOGE over the past two days. However, the driver has been fingered as Tesla boss Elon Musk, with his comments causing divides across the financial market.
Musk highlighted that Bitcoin and Dogecoin could suffer huge drops as a result of dollar inflation over the next two years. His comment implied that the dollar-to-crypto price ratio may be reduced as financial conditions continue to increase. Still, his comments are a big deal, because they look at the bigger picture in terms of how the economy may affect Bitcoin.
However, volatility is still in line with the patterns observed in the market. Notably, the sell-offs are happening in the face of accumulations. Whale Alert recently pointed out two cumulative transfers of 219 million Dogecoin worth about $73 million. It suggests that large holders are looking at the bigger picture, waiting for future price movements.
XRP whales regain confidence
XRP had witnessed impressive price moves, thanks to the activities of its whales. Ripple whales acquired one billion XRP over the last 48 hours. The accumulation began after Ripple moved $682 million worth of XRP to an unidentified wallet.
Meanwhile, the price of XRP jumped by 1.2% to $2.35, with its trading volume dropping by 9% to $4.9 billion. The price of the asset has moved between $2.26 and $2.36 over the last few hours. CoinGlass data revealed that XRP’s Futures open interest went up by 3% to $4.37 billion. Analysts expect the token to see a rally, but if things don’t work out, its support levels are still at $2.23 and $2.13.