Crypto Wells will increase the holdings of these 3 Altcoins

The first week of July was tough for the market. But amid the ever-increasing selloff, crypto whales have loaded their wallets with some altcoins that some might call undervalued.

Whales are big investors, and their influence on prices cannot be underestimated. Therefore, market participants may need to keep an eye on Dogecoin (DOGE), Optimism (OP) and Pepe (PEPE) as they are among the altcoins crypto whales bought this week.

Dogecoin (DOGE) Large Holders See Decline

Like other cryptocurrencies, the value of DOGE has fallen. Specifically, the value has decreased by 23.76% in the last seven days.

However, this hasn't stopped Crypto Wells from buying more coins. BeInCrypto observed this after reviewing the flow of large holdings seen by IntoTheBlock.

This income stream indicates strong buying activity by market participants holding 0.1% to 1% of the cryptocurrency. On Tuesday, July 2, the revenue flow was 61.88 million DOGE.

But after a day, the income flow reached 516.08 million, which whales were buying the dip. Currently, the number has come down to 215.90 million.

At an average of $0.11, CryptoWales bought $23.74 million worth of Dogecoin in the first week of July. This is a 175.44% increase from holdings in the last week of June.

Optimistic (OP) whales ignore the openings, about the EFF

The second on this list is OP, a layer-two blockchain token built on top of Ethereum. This week, OP price dropped by 27.82%. In addition to the broader market decline, OP's decline can be linked to a series of token openings between July 1st and 5th.

While the openings put selling pressure on the price, Crypto Wells decided to take the plunge.

According to Sentiment, between 1 million and 10 million OPP catch whales were tipped in the first week of this month. As a result, this group now accounts for 11.27% of the total OP supply.

Read more: What is Optimism?

The decision seems to be largely due to the approval of the upcoming Ethereum ETF. For most market participants, the official trading of the products can increase the ETH prices.

Since ETH shares a strong correlation with OP, whales think it's worth buying the token before the rally begins.

The whales put Pepe at the top of the chain

A look at PEPE's Large Holder Netflow shows an impressive 2237.18% increase over the past seven days. This means that the crypto whales buying PEPE are more than selling them by the above ratio.

Although they strengthened their purchase, the stock did not have any effect on the price of PEPE. At press time, PEPE is trading at $0.0000078—its lowest price since May 4.

If these big investors continue to buy the token when the price is falling, stability can finally be seen.

Read More: Pepe (PEPE) Price Prediction 2024/2025/2030

But given the current market conditions, whale stocks alone may not be enough to prevent price declines. Because Bitcoin (BTC) seems to be the crypto that is pulling the market back.

If BTC fails to stop the correction, DOGE, OP and PEPE may continue to face downward pressure. However, the renaissance for the number one cryptocurrency could prevent another nosedive.