Large holders of Onyxcoin (XCN) reinforced their positions as retail investors sold the token amid a period of weakness. On February 3, whales bought approximately 10 billion XCN.
Onyxcoin (XCN) whales significantly increased their positions from mid-January to early February. Taking advantage of the price drop and the subsequent selling by retail investors, they are estimated to have purchased around 10 billion XCN, at an estimated price of $55 million.
These inflows coincided with an increase in addresses holding at least 10,000 XCN and a measured reduction in the supply available on exchanges. Technical observers noted that the token remained above a nearby support level around $0.0054 during the swings, a level that helped facilitate a staggered accumulation rather than panic-driven reversals.
Retail sales: the key for XCN Whales
The key to the whales’ growth was the volume of sales by retail holders, who sold around 350 million XCN, at an estimated cost of $2 million. The behavioral divide is stark: whales are buying on weakness while retail investors are selling. This disparity has reduced the available float on exchanges, leaving a position base concentrated in large portfolios.
For traders, the combination of concentrated accumulation by whales and reduced exchange supply increases the likelihood of more significant moves once buying pressure returns. Market participants should monitor on-chain flows, exchange balances, and derivatives data to determine whether accumulation is being funded or hedged.
The reports also mentioned potentially favorable fundamentals, including Goliath’s mainnet launch and increased retail access through a Robinhood listing—factors that, in comments from early January, were linked to bullish scenarios with targets of approximately $0.013–$0.014 (45–55% from then-baseline levels).
The risk remains substantial: a previous deep correction compressed prices and left many small holders exposed. If selling pressure resumes, volatility could intensify and reverse any tentative recoveries. Conversely, continued, quiet accumulation by large holders could compress the free float and amplify any recovery once market confidence returns.
