Due to lukewarm trading activity dominating the market this week, the global cryptocurrency market capitalization has been hit. At the time of reporting, the market cap is $3.28 trillion, reflecting a 5% decrease compared to last week. As investor sentiment remains cautious, major assets have entered a correction phase.
Despite the overall slowdown, crypto whales have invested in certain altcoins such as PancakeSwap (CAKE), Doge (DOGE), and Optimism (OP).
PancakeSwap (CAKE)
CAKE, the native token of PancakeSwap, is one of the tokens purchased by crypto whales this week. According to Sentiment data, whale addresses holding 10 million to 100 million CAKE tokens additionally bought 710,000 tokens this week.
This increase in whale activity is directly linked to Coinbase's potential listing announcement. On June 4th, the cryptocurrency exchange confirmed the inclusion of CAKE in its asset roadmap. Prospects of increased liquidity and expanded retail accessibility prompted whales to buy CAKE in anticipation of a price rise.
At the time of reporting, the token is trading at $2.28. If whale purchases continue, CAKE could reach $2.41.
Conversely, if selling pressure intensifies, the token's value could drop to $2.21.
Doge (DOGE)
The major meme coin Doge is another altcoin purchased by crypto whales this week. This is evidenced by a 112% increase in large holder net inflows over the past 7 days.
Large holders of the asset are whale addresses holding more than 0.1% of the circulating supply. Their net inflow tracks the difference between tokens bought and sold during a specific period. An increase indicates strong whale buying and suggests growing confidence and an upward trend for the asset.
If whale purchases continue, DOGE could rebound and rise to $0.20.
Conversely, if demand decreases, the meme coin could fall to $0.148.
Optimism (OP)
This week, the Layer-2 altcoin OP received significant attention from asset holders. According to on-chain data, crypto whales holding between 1 million and 10 million tokens additionally purchased 17 million CAKE tokens during that period.
This group of OP investors currently holds 965 million tokens at the time of reporting, which is the highest balance in the past week. If OP whales increase their purchases, the price could rise to $0.69.
Conversely, if selling pressure continues, it could drop to $0.54.
