2024-5-5 00:56 |
LookOnChain reported that whales have been massively accumulating several cryptocurrencies, including $PEPE, $LINK, $UNI, $MKR, and $ENS.
Specifically, the report states that 0x1A2E withdrew 322.48 billion $PEPE tokens, worth around $2.78 million, from Binance approximately 13 hours ago. Additionally, aavebank.eth withdrew substantial amounts of various cryptocurrencies from Binance around 6 hours ago prior to LookOnChain’s report, including 500,000 $UNI tokens ($3.75 million), 183,799 $LINK tokens ($2.62 million), 171 $MKR tokens ($500,000), and 31,139 $ENS tokens ($483,000).
This massive accumulation by whales could be an indicator of potential future price movements for these cryptocurrencies. Whales, known for their substantial holdings and ability to influence market dynamics, often engage in such accumulation strategies when they anticipate positive price action.
It’s worth noting that the crypto market is performing well this weekend, with Bitcoin surging above $64,000 after briefly touching the $56,000 area earlier this week during a market-wide crash. This bullish sentiment across the broader crypto market could have contributed to the whales’ decision to accumulate these specific tokens.
Read also: This Render Price Action Looks Very Promising: Why You Should Be Bullish on RNDR Right Now
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Show more +Show less –While whale movements should be observed cautiously, as they can sometimes be driven by various factors, the sheer volume of accumulation in this instance suggests that whales may be anticipating upward price movements for $PEPE, $LINK, $UNI, $MKR, and $ENS in the near future.
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The post Crypto Whales Make Big Bets on $PEPE, $LINK, $UNI, $MKR, and $ENS Amid Market Rebound appeared first on CaptainAltcoin.
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