The cryptocurrency market has suffered from consecutive blows. However, he does his best to heal his wounds and move on. In this uncertain environment, crypto whales are collecting altcoins like ETH while selling some altcoins like PEPE.
Huge 1 trillion PEPE Coin sale from whale
Crypto intelligence platform Lookonchain reported a surprising development as the address “0x1497”. Allegedly, this address has sold a mind-boggling 972.84 billion PEPE Coins for 514 ETH. This means a price equivalent to $848,000. The transaction took place earlier today. Whale sold PEPE Coin at $0.0000008718.
The sale led Lookonchain to raise doubts about a potential insider involvement by PEPE Coin. This theory is based on an event that took place in April, before the notorious meme coin saga. During this time, the same address received 0.58 ETH from the FixedFloat crypto exchange. He also used 0.027 ETH, which is about $58, to purchase a staggering 2.27 trillion PEPE just 10 minutes after the coin’s initial transaction phase.
After the last sale of the alleged insider, PEPE fell another 2% in value. In some moments, the drop exceeded 5%, casting a dark shadow on the future prospects of the coin. In a broader context, PEPE Coin has witnessed a downward trajectory over the past 40 days. Meanwhile, PEPE peaked at 0.0000045 after the Binance listing news. However, since then the coin has lost 81% of its value.
Whales spill millions of USDT
Your whales have recently started dumping USDT. In addition, this development accounted for more than 73% of Curve 3pool. That’s why Tether concerns resurfaced. This increase in entries is extremely abnormal. Also, increased fear, uncertainty, and suspicion (FUD) or insider information has increased suspicions.
Tether’s USDT, the dominant stablecoin with an impressive $83 billion market cap, deviated slightly from its usual 1:1 ratio with the US dollar on the Curve DEX. This unexpected event provided fast DeFi traders with a unique opportunity to arbitrage. Responding immediately to the de-peg, market participants took advantage of this opportunity by significantly increasing their USDT borrowings from Aave. Borrowers chose to sell the depreciated USDT for DAI or USDC. Also, both kept their usual 1:1 peg with the US dollar.
An interesting case worth mentioning involves an Ethereum address identified as czsamsun.eth, which uses 17,400 ETH ($28 million) and 14,690 stETH ($24 million) as collateral to borrow 31.5 million USDT from Aave 2. They then exchanged the borrowed USDT for 31.47 million USDC at a rate of $0.997 on Curve.
Whale collects ETH after altcoin price drop!
On-chain analytics platform Lookonchain has spotted a whale that spent 16.26 million USDT to purchase 9,641 ETH at $1,687, following the recent price drop.
According to Lookonchain, the same whale bought 8,701 ETH on March 13 at $1,589. It also exchanged 928 WBTC, equivalent to $22.86 million, for 13,731 ETH on March 15, 2023. On April 21, the whale sold 10,427 ETH at $1,937, earning 20.2 million USDT. On-chain data shows that the whale has 24,797 ETH at the time of writing, equivalent to $40.85 million. Lookonchain described the whale as a “smart whale” because of the flawless trading decisions it recorded. The whale’s ETH trading reflects a profit of around 20% in five weeks.
Is BNB giving an opportunity to buy from the bottom?
cryptocoin.comAs you follow, sentiment among traders in the crypto market has turned increasingly negative after recent events. This was reminiscent of the market crash that took place at the height of the Covid-19 outbreak in March 2020. This combination of falling crypto prices and growing concerns surrounding key exchanges like Binance and Coinbase has created shock waves in the industry.
Despite the prevailing pessimism, experienced traders see these conditions as potential “buy-to-bottom” opportunities. That’s why he eagerly seeks undervalued assets in a market of possibilities. The recent drop in BNB’s price highlights this trend. Negative momentum pushed BNB from a 24-hour high of $249.74 to an intraday low of $234.04.
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