The cryptocurrency market continues to fluctuate with investments and asset movements by whales (large investors) lately. In the last 24 hours, the investment in the memecoin named Pepe (PEPE coin), the Ethereum Foundation’s sale of ETH, and the accumulation activities of Bitcoin whales are among the prominent developments.
Huge movements for PEPE coin
Pepe (PEPE), which experienced a great rise and then declined in the past period, has recently re-entered the radar of investors. Data analysis platform Spot On-Chain detected that a whale named 0x546 purchased 331.3 billion PEPE (approximately $2.24 million) on the Binance exchange. This investment is made even more noteworthy by the fact that it uses a Binance deposit address, which shows that the whale was a smart investor and made a profit by selling all of his UNI holdings before the price crash. Whale withdrew a total of 660.7 billion PEPE (approximately $4.57 million) from Binance and MEXC exchanges in the last 3 days. This may indicate the whale’s long-term belief in PEPE and its expectation that prices will rise again.
Ethereum Foundation sold ETH
Ethereum Foundation sold 100 ETH (approximately $290,000) via Cowswap on May 2. This sell-off occurred in line with the recent downward trend of the ETH price. Some analysts suggest that the sale may have been due to the Ethereum Foundation’s need for funding or as a hedge against general uncertainty in the market.
A whale named 0x754…771d8 purchased 214.25 WBTC (approximately $12.33 million) on-chain on May 2 at an average price of $57,557. The same address then deposited 430 WBTC as margin on Aave, lending 12.22 million USDT and increasing its health level to 1.57. This move shows the whale’s belief in Bitcoin and his desire to hold it long-term.
https://twitter.com/ai_9684xtpa/status/1785902774636736593
ETH and ARB investments on Coinbase
Two more important investments have been made on the Coinbase exchange in the last 24 hours. A whale deposited 11,119 ETH (approximately $32.36 million) to Coinbase. These ETHs were accumulated two weeks ago at an average of $3,134. The fact that there would be a loss of $2.49 million if sold at the current price shows that the whale is following a long-term investment strategy.
Additionally, a whale named 0x8A4 transferred 4.5 million ARB (approximately $4.59 million) to Coinbase. This investor had accumulated these tokens a month ago at an average price of $1.74 and would have suffered a loss of $3.24 million if he sold them at the current price. This may indicate that the whale’s investment decisions are influenced by market fluctuations.
These whale movements in the cryptocurrency market can serve as important signals for investors. By tracking these movements, investors can better understand overall trends and potential opportunities in the market. However, it should not be forgotten that the cryptocurrency market is a very risky investment environment and therefore it is vital to conduct detailed research and consider the risks before investing.
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