Altcoins
These whales are taking control by massively buying altcoins
Mon May 06, 2024 ▪ 3 min reading ▪ by Mikaia A.
New show of force in the crypto universe: the whales have this time set their sights on well-known altcoins such as PEPE, LINK and MKR. The volume of their purchases is so enormous that it surprises the entire community.
Whales are stirring the rough waters of the crypto universe
THE crypto whale dance is closely monitored by traders. Recently, while Bitcoin has lost approximately 20% of its valuerich investors have seized a colossal sum in bitcoins, hinting at a possible turnaround. And it seems the whales are not stopping anytime soon, even if Bitcoin and altcoins like Shiba Inu regain their momentum.
Recent data from Loononchain, reported by CoinGapreveals the significant movements of two giant whales of the crypto universe, recently active in the massive purchase of five different altcoins.
The first whale, identified by the address 0x1A2E, acquired 322.48 billion PEPE worth $2.78 million on Binance, while the second whale, under the address 0x1a2, bought $7.75 million in PEPE, transferring 915.85 billion PEPE to its cold wallet. Additionally, investor “aavebank.eth” also strengthened its positions with massive purchases of UNI, LINK, MKR and ENS, withdrawing substantial amounts of money from Binance in just six hours.
These movements are closely scrutinized by analysts and investors, because they could foreshadow significant price changes and reveal general market sentiment. Notably, the action of investor “0x1A2E” suggests a strong and bullish position on PEPE, signaling potential future appreciation. The timing and size of this transaction may indicate that insiders have confidence in the asset’s performance.
Similarly, mass withdrawals of “aavebank.eth” from Binance indicate a strategic investment in different crypto assets.
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“Market whales” bet on potential increases
The massive withdrawal of cryptocurrencies by whales may create a significant liquidity shortage, thus destabilizing prices. These investors can raise prices by reducing the supply available on exchanges, thereby signaling the long-term value of their assets.
This movement of massive withdrawal of whales denotes increased confidence in the upcoming appreciation of the value of these digital assets. It appears they are taking a long-term approach rather than seeking immediate profits.
Trading activity for PEPE is resuming, with bullish technical indicators. The MACD indicator signaled a bullish crossover, confirming the growing buying momentum. Additionally, the RSI indicator shows strong buying pressure, indicating further potential for price growth.
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Mikaïa A.
The blockchain and crypto revolution is underway! And the day when the impacts will be felt on the most vulnerable economy in this world, against all hope, I will say that I had something to do with it
DISCLAIMER
The views, thoughts and opinions expressed in this article belong solely to the author and should not be considered investment advice. Do your own research before making any investment decisions.