Amid the market turmoil, on-chain data shows that one particular whale is taking the opportunity to load up his portfolio. Notable among the transfers is the withdrawal of 957.77 billion PEPE and 583.78 billion Shiba Inu, another meme coin.
Notably, this whale made a remarkable withdrawal of diverse assets worth $120 million from Binance. A closer examination of the transaction data reveals a broad portfolio across 14 layer-1, layer-2, and meme coins.
Crypto whales going full throttle despite price drop
Bitcoin drop below $59,000 has many investors Difficulty making decisions What to do next. This drop triggered an avalanche in the broader crypto market, involving almost all cryptocurrencies Currently bleeding red blood In terms of 24 hour price action.
The crypto market currently High on short-term bearish sentiment from the last 24-hour trading session. This has led to a sharp drop in price along with liquidations and the total market cap has dropped by 4.34% to $2.16 trillion. On-chain transaction data shows that several whales are selling, one in particular Sending the Whales Binance received 1,723 BTC worth $106 million in the last 24 hours.
However, according to data from LookOnChain, a new whale wallet is taking advantage of the price drop and is now accumulating several cryptocurrencies from Binance. The most notable transfer is the accumulation of 9,425 ETH worth $30.15 million. The accumulation of such a large amount of ETH can be justified. Upcoming Launches Spot Ethereum ETF, which is expected to boost the value of the cryptocurrency.
Transaction data shows that the new wallet is also betting big on the meme coin, despite many other whale addresses taking a cautious approach towards the meme coin. The whale has invested heavily on SHIB and PEPE in what many might call a bargain search for potentially undervalued assets. The whale pulled out 9.84 billion PEPE tokens worth $957.77 million and 9.68 billion SHIB tokens worth $583.78 million. Other meme coin accumulations include 6.95 million DOGE worth $58.15 million and 1.56 billion FLOKI worth $9.49 million.
A new wallet withdrew over $120 million in assets #binance 2 hours ago.
Involved:
40.7m $USDT
9,425 $ETH($30.15 million)
957.77b $pepe($9.84 million)
583.78b $shib($9.68 million)
16,192 $BNB($9 million)
58.15m $doge($6.95 million)
438,721 $rndr($3.17 million)
5.18m $matic($2.81 million)
3M $FTM($1.59 million)
9.49B… pic.twitter.com/lOrROZzVYl— LookOnChain (@lookonchain) July 3, 2024
The other tokens are 40.7 million USDT, 16,192 BNB worth $9 million, 438,721 RNDR worth $3.17 million, 5.18 million MATIC worth $2.81 million, 3 million FTM worth $1.59 million, 104,128 LINK worth $1.5 million, 840,776 FET worth $1.06 million, 39,141 AVAX worth $1.05 million, and 2.76 million GRT worth $556,000.
Featured image created by Dall.E, chart taken from Tradingview.com
