Cryptocurrency market “OGs” are now back in the spotlight as the market remains in correction
According to WhalesStats tracking service, Ethereum whales began massively buying cryptocurrencies that were popular in 2017, including assets such as REQ, LINK, and OmiseGo.
One of the biggest whales on the Ethereum network has made the most recent purchase of the “old-school” coins, tagged “Light.” The volume of the purchase totaled $2 million, or 500,000 OMG coins.
Previously, U.Today reported that Anonymous Whales bought 1 million Request Network tokens despite the asset’s anemic price movements in the market.
Chainlink, on the other hand, constantly appears at the top of most purchased assets among whales, despite representing cryptocurrencies from the 2017 era. Compared to OMG and REQ, Link’s chart looks more active as the volatility and liquidity is being constantly provided for the coin.
Why do whales buy “old coins?”
According to market and on-chain data, there is no fundamental reason to buy coins that have not been in the spotlight for a long time, but at the same time, assets like OmiseGo and REQ have reached a trough and are now trading close to the ATLs. .
By purchasing bottomed-out cryptocurrencies with a relatively small volume, investors are able to secure their funds since, due to a lack of volatility, volume and liquidity, the abovementioned assets are less likely to drop further and have more chances to enter a new rally.
Using a similar strategy, many whales gained significant profits when the Request Network token suddenly surged by over 450% in a matter of days. But due to the speculative nature of the growth, the token could not sustain the growth rates and soon fell to lows.
