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- 1 $XRP whales have bought tokens worth $47.5 from two major exchanges. Some analysts are surmising that the platform has plans of acquiring them.
- 2 Galaxy Fox, on the other hand, has emerged as a promising new project in the crypto domain. The project has already sold tokens worth $2.5 million and isn’t seeing any decrease in investors’ enthusiasm.
Whales are big traders whose activities are tracked by several traders. Usually, they hold a huge lot of tokens. They also play a pivotal role in maintaining the liquidity of the assets they hold. So if a whale buys more of the tokens that they already have or sells them, it impacts the markets. The other traders estimate the token’s future according to the whale’s movements.
If the latter sells the tokens, then probably that asset’s value is going to decrease. On the other hand, if they buy the same tokens more, then the token’s value may increase. Lately, $XRP whales made some significant moves that attracted every crypto user’s attention. They bought the Dip at the same time when $GFOX raked in $2.5 million in its presale. So let’s get into the news and see what unfolds.
$XRP Whales Make the Move
XRP has been in the news because of its whales. They caught the attention of market participants by making a huge transaction. The fact was brought to light by Whale Alert, a platform dedicated to tracking whales’ movements. It reported that $XRP whales made two big transactions worth $47.5 million.
The transactions occurred from the same wallet address, resulting in some impressive dynamics. It displayed a shift of 26.2 million $XRP to Bitstamp and another 21.3 million to Bitso. Apart from the fact that they are both major exchanges, the recurring nature of these transactions piqued everyone’s interest.
In the past, the same wallet has been used for making some massive transfers. Since the markets are always fast to respond to these actions, the speculations have become rife. According to many, these moves indicate Ripple’s intent to acquire these two exchanges. Also, it should be noted that XRP has been going through tough times lately
Its price saw a dip of 15% percent in the recent month. However, the community has high hopes and thinks the coin will rally soon. Popular crypto analyst XRP Whale is also among those who hold such an opinion. In fact, he says that once this phase is over, XRP will experience a significant jump in its price. The analyst says that it could range between $7 to $13. In addition, XRP is showing resilience and can gain $10 in value soon.
$GFOX Achieved the Feat of $2.5 Million in Presale
Galaxy Fox, a new cryptocurrency project has accumulated $2.5 million in its presale. The project has sold 2.2 billion tokens out of its 3.5 billion allotted for public sale. The figures have made Galaxy Fox the talk of the town right now. Even after touching the threshold of $2.5 million, it’s not slowing down. The project still has four presale stages left and investors are showing strong sentiments towards it.
As per some estimates, it could hit the $5 million mark by the time it finishes. The enhanced utility and favorable ecosystem are attributed to be the main reasons behind its success. Its play-to-earn (P2E) hosting system enables players to compete for $GFOX rewards. Furthermore, it adds a segment of meme coins that all crypto users can try.
The top performers of the play-to-earn program receive $GFOX tokens. They’ll also be able to buy more in-game items or they can stake the same token and earn extra. The project doesn’t end here, it also forays into the NFT space. Users of Galaxy Fox can create NFTs and sell them on marketplaces like OpenSea. For creating these tokens, they can use the project’s website.
The deflationary nature of $GFOX makes it a top contender among blockchain-based projects in 2024. A lot of market analysts are hopeful that it will rally this year. It’s currently selling at $0.001749 and the prices can go high anytime. Nevertheless, traders need to remember that the markets are unpredictable. Thus, they should evaluate all the risk factors before putting their money into it.
Closing Thoughts
Such big incidents boost the confidence of crypto users and investors. They indicate that markets are quite positive about new projects and existing blockchains. The new projects often introduce new solutions to the DeFi enthusiasts. On the other hand, the existing projects strengthen the chances of better returns and passive income.
Many times, these occurrences indicate other unseen possibilities. Experts and experienced traders can interpret them and help traders strategize their buying/selling. For instance, the XRP traders will probably be more confident about their trade. They may as well accumulate their tokens while being hopeful for future possibilities.
Nonetheless, to be able to do that, users need to stay vigilant about the market. They need to keep tabs on the ongoing developments in the market. Only with knowledge and insights can they ace the game of crypto trading.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
