The cryptocurrency market has fallen by nearly 6.9% in the past 24 hours, with the total market capitalization decreasing from $3.98 trillion to approximately $3.77 trillion.
While this appears to be a typical correction, some altcoins are attracting the attention of crypto whales.
Market Correction or Deeper Issue?
The total cryptocurrency market capitalization has been adjusted from a recent high of $3.94 trillion. It is currently located just above the major support line of $3.75 trillion. Falling below this support line could increase the risk of decline.
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Meanwhile, Bitcoin spot ETF flows have transitioned from strong inflows to consecutive outflows of over $285 million over three days. Since BTC accounts for about 60% of the total market capitalization, this change is significant and likely to trigger broader weakness.
This appears to be a short-term correction. Similar patterns have been observed previously, with the TOTAL chart moving within a certain range recently in early July.
The structure has not yet shown panic selling, and while Bitcoin is stagnating, whales are moving to the next altcoins.
Graphite Protocol (GP)
Graphite Protocol is a utility token based on Solana. Over the past 24 hours, whale wallets have increased their GP holdings by 8.19%, currently holding 9.55 million tokens. With the current market price at $4.76 per token, the whale's purchase value is $3.44 million.
Cryptocurrency whales are paying attention to Graphite Protocol (GP), seemingly betting on Solana's strength during the altcoin rotation.
The top 100 holders have increased their stake to 51.99 million GP (0.91% increase), and exchange reserves have decreased by 22.09%. This is a clear signal of accumulation. The price has also risen by almost 22.3% compared to the previous day, ignoring the broader market decline.
BONK (BONK)
BONK is a meme token in the Solana ecosystem that has attracted crypto whales' attention during this market downturn. Over the past 24 hours, whale wallets have increased their BONK holdings by 2.56%, currently holding a total of 2.22 trillion tokens.
This means whales have added approximately 5.543 billion BONK in a single day. With the current price at $0.00033, the total value of this new whale accumulation is around $18.55 million.
The top 100 addresses also increased slightly by 0.1%, while smart money wallets surged by 7.57%. Meanwhile, exchange balances decreased by 0.52%, suggesting some supply is moving away from centralized platforms. This is often a positive signal.
Despite BONK's price stagnation, this accumulation indicates that whales might be positioning themselves early for a Solana meme coin revival, especially as discussions about the altcoin season heat up.
Popcat (POPCAT)
Popcat (POPCAT) is another Solana-based meme token gaining popularity among traders and catching crypto whales' attention. Over the past 24 hours, whale wallets holding POPCAT increased by 1.96%, with total holdings reaching 82.4 million tokens.
This represents approximately 1.58 million POPCAT added in a single day. At the current price of $0.37, this new whale accumulation amounts to around $585,000. Interestingly, the POPCAT token has corrected by over 17% in a day, suggesting whale-driven bottom fishing.
The increased presence of POPCAT in whale wallets may be related to the sharp price rebound earlier this month and driving the Solana meme coin cycle. As interest in altcoins recovers, whales might be preparing for another rally.
Crypto Whales' Love for Spark (SPK)?
Spark (SPK) is the native token of the Spark Protocol. Over the past 30 days, SPK has seen a 202% increase in whale holdings, reaching 3.59 million tokens. At the current price of $0.13, the total whale holdings amount to $466,700. SPK's price has surged by over 24% in the past 24 hours.
The Nansen chart shows a 248% increase in smart money inflow and nearly a 30% decrease in exchange balances, suggesting that whales are accumulating outside of exchanges.
The increase in SPK's appeal seems to stem from DeFi governance use cases, connection with real-world asset distribution, and an expanding multi-chain footprint. This is not just a meme coin play. Cryptocurrency whales may be viewing SPK as a long-term investment in DeFi infrastructure.
The cryptocurrency whale buying trend shows that the Solana ecosystem and DeFi are currently receiving significant attention.
