based on materials from the site - By BitcoinInfoNews.Com
On July 6, 2025, Onyxcoin witnessed significant accumulation by 'whales' following the enactment of law OIP-59, which led to a rise in XCN prices.
This event reflects significant market interest, despite sluggish activity from retail investors, raising doubts about price sustainability in the future.
368 million XCN acquired by 'whales' after OIP-59
Against the backdrop of restrained enthusiasm from retail investors, the adoption of Onyxcoin OIP-59 sparked significant interest from 'whales', with purchase volumes exceeding 368 million XCN, impacting market dynamics. Market sentiment remains moderately optimistic.
Major investors accumulated XCN worth $5.6 million, prompting interest in market analysis. The management system upgrade and the 'Goliath White Paper' mark important strategic changes in the Onyxcoin protocol. The price of Onyxcoin surged by 15%, despite market skepticism.
Markets responded with a 15% increase in the price of Onyxcoin, resulting in total trading volume exceeding $88 million. However, derivatives traders shifted to selling, questioning the sustainability of the current dynamics.
Financial experts noted that despite the active purchase of cryptocurrency by 'whales', network growth remains weak, creating challenges for maintaining a sustainable upward trend unless overall sentiment significantly strengthens.
Historically, 'whale' activity characterizes a temporary price increase for Onyxcoin, often followed by a correction due to weak support from retail investors. This repeatability indicates patterns that require broader cryptocurrency participation for sustainable growth.
Market analysts predict a potential correction if XCN does not receive broader support within the industry. Previous rallies have faded without support from altcoins, indicating caution in speculative circles. 'Whale accumulation' of 368 million XCN worth $5.6 million indicates active purchases among large holders, despite weak retail sentiment.
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