As an experienced analyst, I’ve seen my fair share of market volatility in the crypto space. The recent sell-off has been particularly relentless, with negative news piling up and fear dominating the mood of market participants. But today, it seems that the tide may be turning.
As a researcher studying the cryptocurrency market, I’ve noticed that the selling pressure has been unyielding for the past eight days. However, when the negative news reached its peak and fear began to set in among market participants, the sales temporarily halted, paving the way for the long-anticipated rebound.
As I delved deeper into the intricacies of blockchain data, I came across noteworthy information regarding some widely used cryptocurrencies. Among them were Shiba Inu (SHIB) and Pepe Coin (PEPE).
Two large cryptocurrency investors, as noted by Spot On Chain, have drawn attention by transferring a total of approximately $25.95 million in tokens to Binance over the last 14 hours.
Whale “0x42a” made a stunning move by transferring 1.088 trillion SHIB, valued at $18.12 million.
I delved into the whale’s trading history during late 2023 and uncovered a noteworthy trend. Specifically, from November through December, this astute investor amassed significant holdings in the market, aligning perfectly with its bottom point. Subsequent events transpired favorably for the whale, resulting in impressive earnings totaling $8 million. This represented an impressive 79% increase in value.
PEPE in the mix too
Approximately three hours ago, the notable crypto whale with the identifier “0x837” transferred a staggering 700 billion PEPE tokens, worth around $7.83 million, to Binance. At present, this whale’s holdings include an additional 800 billion PEPE tokens, valued at approximately $9.22 million.
However, this entity faces an estimated total loss of $3.47 million, representing a 15% decline.
It goes without saying that substantial deposits to the largest cryptocurrency exchange don’t typically indicate a bullish trend but rather a bearish one instead. However, it remains to be seen if the upcoming days will provide clarity on whether the crypto market has weathered the worst of the sell-off or if further declines lie ahead.
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2024-06-25 12:11