Amidst the market turmoil, on-chain data shows a particular whale has been taking the chance to load up on their portfolio. Notable among the transfers is the withdrawal of 957.77 billion PEPE and 583.78 billion Shiba Inu, among other meme coins.
Particularly, this whale made a notable withdrawal of $120 million worth of diverse assets from Binance. An in-depth examination of the transaction data shows a widespread portfolio across 14 layer-1, layer-2, and meme coins.
Crypto Whale Goes All In Despite Price Crash
Bitcoin’s drop below $59,000 has many investors scrambling to decide what to do next. This decline triggered an avalanche across the wider crypto market, with virtually all cryptocurrencies currently bleeding red in terms of 24-hour price action.
The crypto market is currently high on a short-term bearish sentiment from the past 24-hour trading session. This has caused a sharp price decline with liquidations and the overall market cap declining by 4.34% to $2.16 trillion. On-chain transaction data suggests many whales are selling off, with one particular whale sending 1,723 BTC worth $106 million to Binance in the past 24 hours.
However, according to data from Lookonchain, a fresh whale wallet is taking advantage of the price dip and is now accumulating multiple cryptocurrencies from Binance. The most notable of the transfers is the accumulation of 9,425 ETH worth $30.15 million. The accumulation of such a vast amount of ETH can be justified by the upcoming launch of Spot Ethereum ETFs, which is set to lead to a price surge for the cryptocurrency.
Transaction data shows the fresh wallet is also betting big on meme coins, despite many other whale addresses taking a cautious approach to meme coins. The whale has 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 fresh wallet withdrew more than $120M worth of assets from #Binance 2 hours ago.
Including:
40.7M $USDT
9,425 $ETH($30.15M)
957.77B $PEPE($9.84M)
583.78B $SHIB($9.68M)
16,192 $BNB($9M)
58.15M $DOGE($6.95M)
438,721 $RNDR($3.17M)
5.18M $MATIC($2.81M)
3M $FTM($1.59M)
9.49B… pic.twitter.com/lOrROZzVYl— Lookonchain (@lookonchain) July 3, 2024
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 from Tradingview.com
