The cryptocurrency market witnessed a flurry of whaling activity on February 9-10, with major players making significant moves across various tokens. This article examines some of the most notable transactions in the likes of LINK coin. It also analyzes their potential impact on the market. Here are the details…
LINK coin, SHIB and Binance whales in focus
A mysterious whale has gone on a LINK buying spree, accumulating 4.55 million tokens worth $83.6 million via 55 new wallets over the past five days. This aggressive buying was critical despite LINK’s recent 30% price increase. Because it shows the whale’s strong belief in the future potential of the project. Analysts predict that LINK may soon surpass the $20 resistance level.
On the other hand, a whale known as “0xF633” cashed out 200 billion SHIB ($1.85 million) on February 9 after accumulating 1.14 trillion SHIB ($10.61 million) for a month. This profit taking may contribute to short-term price volatility for SHIB. Another whale, ranked fourth in blast staking, also got into action. Because on February 9, he transferred 11,921 BNB ($3.83 million) to Binance. He also transferred 4 million TUSD. The total investment for this whale is approximately $7.83 million.
MUBI, ID whales sell
Additionally, a giant whale starting with “0xf8a” sold 10.27 million MUBI ($963,000) on February 9. Thus, causing the price to drop by 24%. This whale had previously purchased 14.52 million MUBI in December 2023 at a much higher price. Then he suffered significant losses. They currently have 3 million MUBI. Additionally, an address linked to the Space ID project transferred 5 million ID ($3.1 million) to Binance on February 9. The identity of the investor remains unknown.
Finally, Tron founder Justin Sun transferred a staggering amount of 58,000 stETH ($141 million) to Puffer Finance on February 9. He also deposited 104,000 stETH ($253 million) into EigenLayer. This brings the total stETH investment across the three addresses to 271,328 stETH, valued at $662 million. Bullish actions could increase market confidence in stETH.
What do whale movements mean?
These whale movements highlight the dynamic nature of the cryptocurrency market, where large investors can significantly influence token prices and investor sentiment. Some movements indicate confidence and growth potential, while others indicate profit-taking and short-term volatility. As always, careful research and risk management are crucial to navigating this ever-evolving environment.
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