Here’s what the BTC, DOGE, XRP whales did during the market correction

TL:DR;

The entire cryptocurrency market experienced a sharp decline in the last few days before prices rebounded, with BTC once again jumping above $100,000. On-chain data shows that some of the largest and most prominent crypto-asset whales have taken advantage of this opportunity to pile up.

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Buy BTC whales

Recall the price events from the beginning of the week. Bitcoin tried its hand at dropping $100,000 over the weekend, but each experienced a sharp correction that pushed it further south. In fact, the largest cryptocurrency dropped from six grand twice and slid to $94,400 on Monday and Tuesday, where it found the necessary support.

It rose dramatically yesterday, gaining nearly eight grand in less than a day from the aforementioned bottom to $102,000 (a local high on Bitstamp).

These violent price swings can drain more than 500,000 traders at a time and often drive the so-called ‘weak hands' out of the market. However, those with strong convictions, usually large investors, use these corrections to accumulate more assets.

According to on-chain data shared by popular analyst Ali, this was the case for BTC, where 342 large wallets (containing at least 100 bitcoins) were created during this replay.

#Bitcoin whales are buying every dip! In fact, when it dropped from $104,000 to $90,000, 342 wallets were created with $100 BTC. pic.twitter.com/cMJRnshOAt

— Ali (@ali_charts) December 11, 2024

As BTC rose above $100,000 again, whales continued to accumulate, with a single person buying 201 BTC at the high price, according to Lookonchain.

XRP and DOGE, too

But it's not just Bitcoin. Wealthy investors seem to be heavily invested in other cryptocurrencies such as Dogecoin (DOGE) and Ripple (XRP).

Additional information shows that Whale bought more than 100 million XRP during the asset crash from $2.4 to $2. It was once one of the worst performers during the market-wide corrections, but managed to erase all losses and is now back above $2.4.

In recent times, whales have bought over $100 million worth of XRP! pic.twitter.com/xU2YscIkvj

— Ali (@ali_charts) December 11, 2024

Being the largest and oldest representative of the ever-volatile meme coin sector, DOGE has not been spared its volatility. The price dropped from $0.44 to $0.37 before rebounding back above $0.4. During this crisis, DOGE whalers accumulated 210 million of the property.

#Dogecoin whales bought $210 million in DOGE during the recent price correction! pic.twitter.com/0vG2iN1fvJ

— Ali (@ali_charts) December 11, 2024