Cryptocurrency markets are going through a very active period in the first quarter of 2024. Bitcoin’s rise above $70,000 and the rise in altcoins have increased hopes of a bull rally among investors. The development that further strengthened these hopes was the recent large purchases made by whales in the markets. In this news, we will examine the purchases made by whales in the last 24 hours. We will especially discuss the whale activity in GMT coin, TRB, DYDX and MEW.
There is great interest for GMT coin
The recent activity in the cryptocurrency markets seems to have attracted the attention of whales. In the last 24 hours, there have been large purchases from whales in Binance-backed altcoin GMT and some other altcoins. According to data from on-chain analysis platform Lookonchain, two new wallets with addresses “0xc7e” and “0x8a6” purchased 72.7 million GMT coins in the last 24 hours. The total value of these purchases amounts to $24.66 million. This interest from whales has caused GMT to rise 15% in the last 24 hours.
There is also activity in other altcoin projects
The whales’ interest was not limited to GMT. In the last 24 hours, there were also large purchases in TRB, DYDX and MEW from Binance.
- TRB: A whale bought 35K TRB worth $3.26 million. With this acquisition, whale became the 9th largest owner of TRB.
- DYDX: Two different whales purchased 1.86 million DYDX from Binance, worth $6.65 million.
- DEGEN: A whale purchased 301.77 million DEGEN worth $3 million in the last 6 days.
- MEW: One trader purchased 9.58 billion MEW worth $1.07 million. With this purchase, the trader became the largest buyer and owner of MEW.
- BOME: A trader made a profit of $1.35 million by trading BOME.
Are the whales preparing for the bull?
Recent buying of whales has raised hopes of a bull rally among investors. cryptokoin.com As we reported today, it was critical for Bitcoin to rise above $70,000. Moreover, the rise in altcoins further strengthened these hopes. Whales’ recent purchases are considered a significant development in the cryptocurrency markets. For some, these purchases can be interpreted as a sign that a bull rally is near. But this news is not investment advice. It is important to do your own research and consider the risks before investing.
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