Amidst the market turbulence, on-chain data shows that one whale in particular took the opportunity to top up its wallet. Notable transfers included the withdrawal of 957.77 billion PEPE and 583.78 billion Shiba Inu, among other meme coins.
In particular, this whale made a notable withdrawal of $120 million worth of various assets from Binance. A closer look at the transaction data shows a portfolio spread across 14 layer-1, layer-2, and meme coins.
Crypto Whale Goes All-In Despite Price Drop
Bitcoin go down below $59,000 has many investors struggle to decide what to do next. This decline triggered an avalanche in the broader cryptocurrency market, with virtually all cryptocurrencies currently bleeding red in terms of 24 hour price action.
The cryptocurrency market is currently against a backdrop of short-term bearish sentiment of the last 24-hour trading session. This caused a sharp drop in prices with liquidations and the overall market cap down 4.34% to $2.16 trillion. On-chain transaction data suggests that many whales are selling, with one in particular sending whales 1,723 BTC worth $106 million was transferred to Binance 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 by the upcoming launch of Look out for Ethereum ETFs, which should cause the cryptocurrency’s price to surge.
Transaction data shows that the new wallet is also betting big on meme coins, despite many other whale addresses taking a cautious approach to meme coins. The whale loaded up on SHIB and PEPE in what many might call a bargain hunt for potentially undervalued assets. The whale withdrew 957.77 billion PEPE tokens worth $9.84 million and 583.78 billion SHIB tokens worth $9.68 million. Other meme coin accumulations included 58.15 million DOGE worth $6.95 million and 9.49 billion FLOKI worth $1.56 million.
A new wallet has withdrawn more than $120 million in assets from #Binance 2 hours ago.
Including:
40.7 million $USDT
9,425 $ETH($30.15 million)
957.77B $PEPE($9.84 million)
583.78B $SHIB($9.68 million)
16 192 $BNB($9 million)
58.15 M $DOGE($6.95 million)
438 721 $RNDR($3.17 million)
5.18 M $MATIC($2.81 million)
3M $FTM($1.59 million)
9.49 B… 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 with Dall.E, chart by Tradingview.com
