The cryptocurrency market continues to be in flux, with recent price fluctuations shaking investors’ confidence. While smaller crypto enthusiasts are stepping back from the sector, prominent investors continue to show interest and make significant moves. Whales, which are especially big investors, attract attention. In the near future, whale movements remain critical for the two altcoins. Here are the details…
Machi Big Brother continues its recruitment of APE
One of the influential names in crypto has been Machi Big Brother, who has been continuously accumulating ApeCoin (APE) since August 2. According to data from Look On-Chain, Machi Big Brother’s APE accumulation is turning heads in the crypto world. Look On-Chain’s research reveals that Machi Big Brother has been purchasing APE almost every day since August 2, collecting 4.73 million APE tokens with a total value of $7.43 million. What is noteworthy is that the average cost of these purchases was only $1.57 per APE.
Machi Big Brother(@machibigbrother) has been buying $APE almost every day since Aug 2, with a total of 4.73M $APE ($7.43M, the average cost is $1.57).
He spent 1,761 $ETH($2.89M) and 52K $USDC to buy 2.24M $APE($2.94M).
And withdrew 2.5M $APE($4.49M) from #Binance. pic.twitter.com/WU6F3TZN97
— Lookonchain (@lookonchain) October 17, 2023
In his APE accumulation journey, Machi used 1,761 ETH (equivalent to $2.89 million) and 52,000 USDC to purchase 2.24 million APE worth $2.94 million during his most recent purchase. It has attracted 2.5 million APEs worth $4.49 million from Binance to facilitate crypto ventures. What makes Machi’s approach interesting is his willingness to sell Ethereum (ETH) multiple times to fund APE purchases, making him a subject of intense interest among cryptocurrency investors.
Whales are on the move for altcoin LINK
In other crypto news, Chainlink (LINK) is on a somewhat turbulent path after a strong rally at the beginning of the month. Currently, Chainlink price is hovering just below $7.50. Thus, it finds support above the long-term macro trend. Despite the recent downward volatility, Chainlink whales are showing their confidence in the crypto asset. Santiment reports that Chainlink’s current price is $7.51 and has seen a significant 30 percent increase over the past five weeks.
During this time, wallets holding 100,000 to 1,000,000 LINK accumulated aggressively, adding a total of $38.5 million worth of LINK to their holdings last week. These large accumulations by larger owners carry more weight than the profit-taking activities of smaller individual traders. While Chainlink’s current price is $7.56, it has seen an increase of approximately 2 percent in the last 24 hours and bounced back from a decline of 5.3 percent. The altcoin found solid support at $7.40 and prevented a drop to $7.00, where the 50-day Exponential Moving Average (EMA) is located. Maintaining this support is crucial for LINK to recover towards $8.01.
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