The crypto market witnessed a wave of whale activity on March 9, 2024, with significant movements in FLOKI coin, RNDR, and Ethereum sparking speculation and potential price fluctuations. Here’s a breakdown of the key events…
FLOKI coin craze attracts attention
A whale address starting with 0xf63 sent shockwaves throughout the FLOKI (Floki Inu) community by depositing 200.9 billion FLOKI worth approximately $50.3 million to Gate.io just an hour ago. This move raised questions about a potential selloff. If the entire amount is sold, the whale will make a whopping profit of $44.3 million (+731%) in just one month. Interestingly, despite this significant move, FLOKI price registered a surprising rise with an intraday increase of 20.9%.
This may be due to factors such as buying pressure anticipating a possible price drop after closing an open position or selling. It is important to note that the whale address still holds a significant amount of other crypto assets, including 1.24 trillion SHIB (Shiba Inu) and 11.4 million BIGTIME, indicating a diversified portfolio.
Adding to the FLOKI story, Lookonchain revealed that six FLOKI whale addresses collectively released 30 billion FLOKI (approximately $7.14 million) in staking and began selling them yesterday. This selling pressure could explain the intraday price increase because short-term traders may have expected a price decline and bought to cover their positions.
ETH whale withdraws from Binance
In another significant move, a whale address withdrew 2,917 ETH (about $11.5 million) from the Ethereum re-staking platform etherfi and transferred it all to Binance. On-chain tracking shows that this ETH was first deposited to Binance three weeks ago at an average price of $2,883. If Whale decides to sell all ETH on Binance, a profit of $3.05 million could be made. This move may indicate a change in strategy as the whale potentially looks for better trading opportunities on Binance or predicts a price increase for Ethereum.
GSR and another whale are also selling
Market maker GSR Markets has made an important move in the Render Network (RNDR) ecosystem. According to on-chain data analysis, GSR received 2.266 million RNDR (approximately $24 million) from the Render Network custody agreement address; this represents a significant 28% of the total RNDR supply. GSR then transferred 200,000 RNDR ($2.11 million) to Binance, indicating potential selling pressure. However, they sent another 400,000 RNDR ($4.23 million) to a new address (0x190); this may indicate market-making activities or further distribution plans.
In addition to RNDR activity, another whale address with the 0x551 prefix transferred 250,000 RNDR from Binance, worth approximately $2.54 million. This whale still holds a significant amount of RNDR totaling 750,000 tokens ($8.09 million) with an average purchase cost of $7.94. This means the whale is now $245,000 in profit.
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