The crypto market, which includes the likes of WIF coin, PEPE, witnessed significant activity on May 15, with major investors or “whales” making notable transfers and trades. These movements, tracked by blockchain analysis platforms, shed light on potential investment strategies and trends in the crypto space.
Coinbase Institution sees massive ETH outflow
According to Whale Alert, a platform that specializes in tracking large cryptocurrency transactions, a massive transfer of 7,742 ETH, worth approximately $22.35 million, occurred on May 15. The source of this transaction was Coinbase Institutional, a wing of the popular exchange that serves institutional investors. It should be noted that this is not the only significant departure from this address in recent days. A total of 28,997 ETH was withdrawn from the same address in the last two days, which corresponds to approximately $83.8 million. The destination of these funds, labeled as “unknown wallet” by Whale Alert, is unknown.
Whale hoards PEPE for profit
Spot On Chain, another blockchain analysis platform, uncovered a fascinating trade involving a whale and the meme-inspired cryptocurrency PEPE. The platform’s data shows that between December 1, 2023 and February 12, 2024, one whale address spent a significant amount of roughly $1.56 million to accumulate a staggering PEPE of $1.40 trillion.
But the story takes an interesting turn. Just 14 hours before the data was reported, the same whale address conducted a successful sell-off, selling 140.4 billion PEPE at a price that marked a new historical high for the meme coin. This strategic move generated $1.57 million in DAI, a stablecoin pegged to the US dollar. It is noteworthy that with this sale the whale managed to recover all of its initial investment.
GME and WIF coin whales are active
Lookonchain, a blockchain analysis platform focusing on emerging trends, reported another notable event. Two newly created wallet addresses, apparently belonging to new entrants to the crypto space, attracted a total of 3,045 SOL (approximately $438,000) from the KuCoin exchange. These funds were then used to purchase a significant amount of another meme-inspired token, GME, at an average price of $0.019. Total GME purchases reached 22.79 million.
This move by new investors sparked speculation within the crypto community. As we reported as Kriptokoin.com, inspired by the “GameStop saga” at the beginning of 2021, the fate of GME followed a fluctuating course. The new influx of funds could potentially trigger a price increase, similar to the phenomenon witnessed in the past with meme coins such as Dogecoin and Shiba Inu. However, it is crucial to remember that such price movements are often driven by hype and social media trends and lack the underlying fundamentals that support established cryptocurrencies.
Lookonchain also reported a significant transaction involving another whale address. This particular address chose to swap a significant portion of its holdings of WIF, a lesser-known token, for the more established Solana (SOL) cryptocurrency. The trade involved 440,121 WIFs sold at an average price of $2.92 each, producing a total of approximately 9,000 SOLs valued at approximately $1.3 million.
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