Recent fluctuations in the cryptocurrency markets have caused whales, known as large investors, to intervene in the market. According to Onchain data, two different whales processed large amounts of transactions in the last 24 hours, creating a wide debate in the crypto community. Especially the moves of PENDLE coin and BLZ investors attracted attention.
A BLZ whale became the fourth largest owner
The BLZ whale stands out as a whale identified by the short address 0x520. The whale, which withdrew a total of 12.06 million BLZ as a result of transactions carried out through Binance at an average price of 0.301 dollars, created a transaction volume of 5.41 million dollars by withdrawing 17.96 million BLZ from Binance with seven different transactions during this period. With 17.96 million BLZ currently held, this whale is the fourth largest holder of BLZ outside of centralized exchanges (CEX). Interestingly, this whale has not only accumulated BLZ, but has not accumulated any other token like ETH so far.
Two whales came forward for Pendle coin: ATH did
On the other hand, two whales of the Pendle Finance token PENDLE also deposited 477,211 PENDLE on Binance, worth a total of $1.27 million. These two wallets, associated with the developers of Pendle Finance, made this transaction at a time when the token was trading at $2.66. Its current price is recorded as 2.72 dollars after this deposit. PENDLE attracted attention by gaining more than 20% in value in the last 24 hours. Moreover, with this increase, it reached its all-time high (ATH).
What makes these transactions special lies in the history of these wallets. Previously, in 2022 and 2023, when the price of PENDLE was only $ 0.146, these wallets invested by locking 1.06 million PENDLE. Even now, these wallets hold 487.5 thousand PENDLE worth approximately $1.31 million. This strategy allowed investors to make a profit of $2.42 million, a seventeen-fold increase over two years. Apart from BLZ and PENDLE, significant transfers were observed in other coins such as BIGTIME, MATIC, ENS, UNI and 1INCH in the last 24 hours. These transfers are associated with whales’ interest in these coins.
What’s the deal with whales?
It is known that whales are generally long-term investors and often invest in coins that have the potential to gain value. It is thought that recent market fluctuations may cause some changes in whales’ investment strategies. Whales who want to avoid uncertainty may reduce their holdings, while others may move various coins to their wallets in anticipation of future rises. This requires monitoring changes in the dynamics of the cryptocurrency market and the strategic moves of whales more closely. These investments by whales can affect the cryptocurrency market in several ways:
- These investments by whales can provide confidence in the market. Large investors investing in certain coins can increase the value of these coins. This may encourage other investors in the market to invest in these coins.
- These investments by whales can reduce uncertainty in the market. Large investors investing in certain coins can give more confidence about the future of these coins.
To be informed about the latest developments, follow us Twitter’in, Facebookin and InstagramFollow on . Telegram And YouTube Join our channel.