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Here’s How This Ethereum Whale Made $16 Million From A Single Trade

An Ethereum whale was recently revealed to have made $16 million from a single trade involving the second-largest crypto token by market cap. This whale’s story again highlights how conviction in an investment can be very rewarding in the crypto space. 

How This Ethereum Whale Made $16 Million In A Single Trade

On-chain analytics platform Lookonchain revealed in an X (formerly Twitter) post that the whale withdrew 12,906 ETH ($24.39 million) from Binance when the crypto token was still trading at $1,890 a year ago. With Ethereum currently trading at around $3,100, the whale’s ETH investment is now worth over $40 million, signifying a profit of about $16 million. 

Interestingly, his profits from this trade will likely be more than $16 million, as the trader deposited those tokens in the staking platform Lido when he withdrew them from Binance last year. That means he also earned significant staking rewards to go alongside his $16 million profit. 

On-chain data shows the whale recently withdrew 7,000 ETH ($21 million) from Lido back to Binance but has yet to offload these tokens. However, that is something to keep an eye on as the whale offloading those tokens could have a negative impact on Ethereum’s price. 

Tron’s founder, Justin Sun, looks to be another Ethereum whale that could make such significant returns on their ETH investment. Two wallets believed to belong to Sun are reported to have accumulated 295,757 ETH ($891M) at an average price of $3,014 since February 12. Since then, Sun has made some notable moves that could be profitable for him.

One such move is that the Tron founder recently deposited 120,000 eETH into Swell L2, a liquid restaking protocol. Although Sun claims that this move isn’t profit-motivated, he could still make huge profits from his venture, considering that restaking is one of the leading narratives at the moment. 

The Bull Run Presenting A Lot Of Opportunities

There have been a lot of reports highlighting how crypto investors and traders have been making life-changing, which suggests that the bull run is already in full force despite Bitcoin’s unimpressive price action lately. One opportunity that these traders have taken advantage of in this market cycle is meme coins. 

Before the bull run began, there was the belief that memes would be one of the leading narratives, and that has been the case. Bitcoinist recently reported two Solana meme coin traders turned $6,400 into $8 million. Meanwhile, Lookonchain revealed a Solana trader who turned 60 SOL ($8,673) into $1.26 million in 2 months, making a 144x return on his investment. 

Ethereum price chart from Tradingview.com

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Crypto Whale Spends $10.4 Million On PEPE, Do They Know Something You Don’t?

A crypto whale’s transaction involving the third-largest meme coin by market cap, PEPE, has drawn the crypto community’s attention. The magnitude of the transaction, coupled with some other whale transactions, suggests that it may be high time to pay more attention to PEPE. 

Crypto Whale Spends $10.4 Million On PEPE

On-chain analytics platform Spotonchain revealed a wallet (3eAaAC3C9) that had purchased 1.238 trillion PEPE from Binance at an average price of $0.000008424 ($10.4 million). This wallet then proceeded to withdraw the tokens in two transactions. On-chain data shows that the whale withdrew 322.5 billion PEPE in the first transaction and the remaining 915.85 billion PEPE in the second transaction. 

At the time of writing, the whale hasn’t moved the tokens, suggesting they may be looking to hold for the long term. Some notable smart traders look to have been accumulating the meme coin lately, most likely in anticipation of significant price moves from it. Spotonchain also recently revealed two whales that had withdrawn 660.7 billion PEPE from Binance and MEXC. 

The platform also mentioned another whale that withdrew 322.48 billion PEPE ($2.68 million) from Binance for the first time. More recently, Spotonchain drew the crypto community’s attention to a smart trader who has been profiting from the meme coin since last year. This trader is said to have completed 8 trades and realized a cumulative profit of $917,000. 

Seeing how PEPE has performed since the start of the year, these whales’ interest in the meme coin isn’t surprising. Data from CoinMarketCap shows that PEPE has made a year-to-date (YTD) gain of over 500%, and this bullish momentum looks to be far from over. Interestingly, many traders have yet to jump on the the wave, as just over 200,000 persons hold the meme coin. 

Price To Hit New All-time High (ATH) Soon

Crypto analyst Plazma recently suggested that PEPE could soon hit a new all-time high. PEPE’s current ATH is at $0.00001074, with the meme coin trading just 20% below this price level. Crypto analyst Yazan also hinted that meme coin would soon hit a new all-time high, asking his followers if they were ready for this to happen. 

PEPE is currently ranked as the thirtieth largest crypto token by market cap and is likely to climb higher if it eventually hits a new ATH. Crypto analyst and trader Murad believes that the meme coin could rise to the top 10 crypto tokens by market cap since he predicted that PEPE could flip Shiba Inu (SHIB) and possibly Dogecoin (DOGE).

At the time of writing, the meme coin is trading at around $0.000008615, down in the last 24 hours, according to data from CoinMarketCap.  

PEPE price chart from Tradingview.com

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Why Did The Solana (SOL) Price Jump Today?

Solana (SOL) is currently up by 4% after jumping from $142 to $148 in the past 24 hours. Interestingly, Solana has made a 23% gain from $119.56 since May 1 and could hold on to sustain this price increase steadily for the rest of the month. On-chain data has revealed behind the scenes that some whales are accumulating and transferring SOL tokens which reflects some intuition of bullishness surrounding the cryptocurrency. 

Particularly, on-chain data from whale transaction tracker Whale Alert has revealed the movement of 267,077 SOL worth $38.6 million from crypto exchange Binance into an unknown wallet in the past 24 hours. Another notable transfer was the movement of 11 million SOL worth $1.6 billion from a private wallet address to another private wallet address.

Solana Whale Movement

Whale transfers are very common in the crypto industry. They are of different types and they generally tend to shift the sentiment among crypto traders. Whale transfers from exchanges into private addresses could indicate whales are holding onto their assets in anticipation of a price surge.

On the other hand, transfers from private wallets into crypto exchanges most likely mean a selloff, which could increase selling pressure on these exchanges. A third type of whale transfer is between two private wallets, which could be for a various number of reasons.

The recent transfer of 11 million SOL falls into the third category of whale movement. A further look into on-chain transaction data shows that the transfer was made between two stake addresses.

Consequently, the tokens are locked up and inactive at the moment. As of now, their movement is likely going to have little to no effect on the price of Solana. 

Whale Accumulates Solana

On the other hand, private wallet “8NWAHM” has been accumulating SOL in the past 24 hours. While Whale Alert only noted an interesting transfer of 267,077 SOL worth $38.6 million into the address, a closer look into this wallet address shows this is the second major inflow into the address in the past 24 hours.

In an earlier transaction, 49,999 SOL worth $7.23 million made their way from crypto exchange Binance into the wallet address. 

This whale seems to be positioning itself for a price surge in the coming weeks, and the accumulation has, in turn, contributed to buying pressure for SOL. 

At the time of writing, Solana is trading at $145. Despite the 24-hour price gains, Solana is still experiencing a 20% correction in a 30-day timeframe. However, the cryptocurrency could continue this price uptick and eventually break above $200 again in May. 

Featured image from Pixabay, chart from TradingView

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Fifth Largest Bitcoin Whale Moves $6 Billion In BTC, Here’s The Destination

The crypto community’s attention has been drawn to a Bitcoin whale who recently moved a huge portion of their BTC holdings across different wallets. This action has sparked the curiosity of those in the community about the reason for these transactions. 

Bitcoin Whale Moves $6 Billion In BTC

Blockchain analysis platform Arkham Intelligence first brought this occurrence to the community’s attention when it mentioned in an X (formerly Twitter) post that the Bitcoin address (37XuVSE) had moved over $6 billion in BTC to three new addresses. 

As part of the transactions, $5.03 billion worth of BTC was sent to one of these addresses (bc1q8yj), while the two other addresses (bc1q6m5 and bc1q592) received $561.46 million and $488.40 million worth of BTC respectively. Arkham added that one of the wallets (bc1q592) has since then proceeded to transfer the received funds to another wallet. 

Notably, the wallet which moved $6 billion in BTC was before now the fifth richest Bitcoin address having held over 94,500 BTC in its wallet. As of now, it still holds 1.31 BTC in the wallet in question. Interestingly, before now, this address was dormant as it had not moved any of this BTC which it received since 2019. 

Transactions of such magnitude are always sure to cause a stir in the crypto community, considering the impact such whales can have on the market. Usually, a move like this can cause community members to speculate that the whale may be looking to offload their tokens and take profits. However, the fact that these transactions weren’t made to exchange-linked wallets has quelled such speculations. 

Another BTC Whale On The Rise

Bitcoinist recently reported on BlackRock’s Bitcoin wallet, which has continued to accumulate Bitcoin at an astonishing rate due to the impressive demand for its iShares Bitcoin Trust (IBIT). Despite just launching this ETF in mid-January 2024, BlackRock now holds 243,126 BTC for the fund. 

BlackRock’s BTC holdings has seen it rise to becoming one of the largest corporate BTC holders, only behind centralized exchanges Binance, Bitfinex, and Coinbase and fellow Bitcoin ETF issuer Grayscale. A sustained demand for the IBIT ETF could however see BlackRock surpass these entities at some point. 

That is also something that could reflect positively on Bitcoin’s price seeing as how instituitional demand for the flagship crypto has helped propel it to new highs. 

At the time of writing, Bitcoin is trading at around $70,500, up in the last 24 hours according to data from CoinMarketCap.

Bitcoin price chart from Tradingview.com

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The Road To $100,000: Bitcoin Whale Accumulation Explodes

Bitcoin reaching $100,000 remains a highly feasible target, especially given the fact that the price of the cryptocurrency hit a new all-time high above $73,00 ahead of the halving. In preparation of the explosive move that is expected to follow the halving, Bitcoin whales are going all out as they fill up their wallets with BTC.

Large Bitcoin Whales Buy More BTC

As the Bitcoin price has retraced from its surge, large Bitcoin whales are taking advantage of the dip to buy more coins at cheap prices. These whales, which hold at least 1,000 BTC – which means they have $70 million on the low end, have bought up a large tranche of coins over the last three months.

Since January, there has been a steady climb in the number of wallets that hold at least 1,000 as interest continues to grow. A lot of this interest is driven by institutional investors who are putting billions of dollars into Spot Bitcoin ETFs. Now, with the condition that issuers have to hold the BTC they sell to customers, it has seen these institutions buy up a good chunk of the supply.

The number of addresses holding at least 1,000 BTC was sitting at less than 1,500 at the beginning of the year. However, by March, with institutions ramping up their buys, this number has climbed to 1,617. This is an 8% increase in the number of these large whales in the last three months.

Bitcoin whales

To put this increase in perspective, the last time that there were these many whales holding this much BTC was back in 2021 at the peak of the bull market. So, if this number is rising once again, it means that these large investors are expecting the price to rise, and as a result, are trying to maximize their profits.

Spot ETF Inflows See 2,600% Spike

After a week of consistent outflows, inflows into the Spot Bitcoin ETFs are starting to ramp up once again. For the first day of the week, inflows climbed to $14.5 million, bringing a welcome change from the almost $900 million worth of outflows that was recorded in the prior week.

This change in the tide seems to have brought renewed interest for investors as Tuesday saw a whopping 2,600% increase in inflows. In total, there $418 million recorded going into Spot BTC ETFs on Tuesday, one of the highest inflow days since the ETFs were approved.

This change in direction is also evident in the Bitcoin price, which has recovered from last week’s low of $60,000. The price has since sprung back up above $70,000, with a 10% increase in the last week. This also validates the whales’ moves to acquire more Bitcoin, putting the vast majority of their holdings in profit.

Now, as seen in the past, a return of high inflows into the Spot ETFs has always been bullish for the price. So, if the inflows were to continue throughout this week, then the price of Bitcoin could register a brand new all-time high ahead of the halving.

Bitcoin price chart from Tradingview.com

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Chainlink Appetite: Whale Scoops Up $84 Million Worth Of LINK, And Counting – Details

The cryptocurrency market has been abuzz with excitement as a mysterious Chainlink (LINK) whale embarks on a remarkable shopping spree, accumulating an astonishing volume of LINK tokens. Recent data from Lookonchain reveals that this enigmatic whale wallet has acquired more than 4.5 million LINK tokens over the course of just three days. Based on the current LINK price, this accumulation is valued at a staggering $84 million.

Chainlink Whales Surge, Holders Optimistic

This relentless accumulation activity by the Chainlink whale has captured the attention of analysts and investors, generating anticipation for a potential future surge in the LINK price. The market is rife with speculation as traders eagerly await the outcome of this significant accumulation.

But it’s not just the whale that is showing interest in Chainlink. Santiment’s data indicates a noteworthy increase in the total number of Chainlink holders. Over the past few months, the count of LINK holders has grown by approximately 9,000, reaching a substantial total of 717,000 holders. This surge in holders further fuels the growing optimism surrounding Chainlink’s future prospects.

Adding to the intrigue, Chainlink holders are actively withdrawing their LINK holdings from exchanges. A closer look at the supply on exchanges reveals a recent trend where holders are moving their LINK away from these platforms. Currently, the supply on exchanges represents only about 21.5% of the total supply, indicating a strong belief among holders that a potential future price rally is on the horizon.

Despite experiencing some fluctuations in recent days, the overall price trend for Chainlink remains robust. On the daily timeframe, the LINK price has been oscillating within the $18 price range for several days following a surge into this range on February 1st.

Chainlink Price: Bullish Momentum

As of now, the price sits at around $20.40, reflecting a 12% and 16% increase in the last 24 hours and seven days, with a Relative Strength Index (RSI) remaining above 60, indicating a resilient bullish trend.

These developments within the Chainlink ecosystem have created an atmosphere of eager anticipation among investors and enthusiasts. The whale’s accumulation, the growth in LINK holders, and the withdrawal of LINK from exchanges all contribute to the mounting excitement surrounding a potential future surge in price.

Meanwhile, LINK’s positive funding rate signals a prevailing bullish sentiment, indicating a higher demand for long positions among traders. The simultaneous increase in LINK’s Open Interest further suggests that market participants are leveraging their positions to go long.

This confluence of factors reflects a collective confidence in LINK’s upward potential, with traders expressing optimism through both funding decisions and larger leveraged positions, potentially fueling continued bullish momentum in the market.

Featured image from Adobe Stock, chart from TradingView

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Chainlink Breeds New Whales As $49.9 Million Accumulation Spree Cause Prices To Surge

Chainlink (LINK) has traders buzzing as its price has been up by 40% since the last week of January, massively outpacing the broader cryptocurrency market. Amidst this price spike, mysterious whale wallets have been topping up their holdings, as evidenced by on-chain data. 

According to blockchain tracker Lookonchain, there’s been a massive outflow of LINK from crypto exchange Binance in the past two days, particularly with 49 new wallets receiving 2,745,815 LINK within this timeframe. 

Massive LINK Accumulation Occurs On Binance Before Withdrawal

Details from Binance point to an ongoing accumulation of LINK from the crypto exchange. In the middle of this accumulation, a particular whale or institution has been going on a buying spree, gobbling up more than 2.7 million LINK tokens worth $49.9 million. This accumulation came days after the Lookonchain noticed that four new wallets had withdrawn over 119,583 LINK tokens worth over $2.15 million from Binance.

Similarly, Lookonchain noted that another whale address “0x2A19” has withdrawn 494,957 LINK tokens worth $9 million from Binance in the past 10 days. Notably, whale transaction tracker Whale Alerts has also noted some accumulation of LINK tokens from other crypto exchanges.

Analytics platform Santiment also noted that LINK whale addresses have upped their activity amidst the price surge as large amounts of coins were moved by previously stagnant wallets. This influx of tokens back into the network’s circulation, coupled with a minor liquidation of wallets, seems to have contributed to the price spike.

How Will New Chainlink Whales Impact Price Action Going Forward?

The crypto industry is currently going through a modest price gain led by Bitcoin recently breaking above the $44,000 level again. As a result, the industry is now up by 3.25% in the past 24 hours, with a 22.60% increase in trading volume. 

LINK hasn’t been left out of this price gain, registering a 4.30% gain in the past 24 hours. However, LINK has been on a sustained breakout since January, reaching as high as $19.68 on February 5. 

The price spike isn’t particularly surprising, as fundamentals of the Chainlink ecosystem point to a steady price growth for LINK. Chainlink’s role in DeFi and NFTs with its smart contracts oracles cannot be overstated. Chainlink also recently released its Staking v0.2 protocol in December, allowing investors to stake a minimum of 1 LINK for a base floor reward rate of 4.5% per year in LINK.

Consequently, the massive accumulation of LINK by whales is a very bullish signal for the token’s price action going forward. These large investors see LINK’s long-term value and potential and are loading up their bags in anticipation of higher prices.

LINK price chart from Tradingview.com (Chainlink whales)

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XRP Price Retreats To $0.50 As Whale Unloads 30 Million Tokens – Details

The recent surge in activity from a prominent XRP holder, colloquially known as a “whale,” has reverberated across the cryptocurrency market, eliciting a heightened sense of speculation and uncertainty.

This substantial player’s maneuvers within the XRP ecosystem have sparked a cascade of reactions, prompting both seasoned investors and casual observers to scrutinize and ponder the potential implications for the future trajectory of the Ripple-backed token.

Large Transfer Raises Eyebrows

According to blockchain tracking platform Whale Alert, a significant transaction involving 29 million XRP, worth roughly $14.72 million, occurred earlier today. The XRP was transferred from an unknown wallet address to a Luxembourg City-based cryptocurrency exchange, Bitstamp. This substantial movement coincided with a decline in XRP’s price, raising concerns among investors and traders.

The term “whale” is commonly used in the cryptocurrency space to describe individuals or entities holding substantial amounts of a particular digital asset. These entities possess the capacity to significantly influence the market due to the sheer size of their holdings.

In the case of XRP, the actions of such a major holder have become a focal point of attention, as they wield the power to sway market sentiment and trigger a domino effect on XRP’s value and trading dynamics.

Price Slide And Derivatives Downturn

At the time of writing, XRP is trading at $0.50, down 1.7% over the past 24 hours and 4.5% over the past week. Market capitalization and trading volume have also dipped by 1.10% and 30%, respectively. This downward trend aligns with the whale’s offloading, leading some to believe it may be a contributing factor.

Analyst Divergence

Opinions on the future of XRP vary among analysts. Some, like 24hrscrypto, predict a further decline, suggesting XRP could even fall below Stellar (XLM) in value. Others, however, highlight the upcoming February 12th deadline in the ongoing SEC vs. Ripple lawsuit as a potential turning point.

Legal expert Bill Morgan suggests that Judge Analisa Torres may need to rule on the SEC’s motion to compel before the deadline, potentially impacting the case’s timeline and outcome.

Lawsuit Looms Large

The SEC vs. Ripple lawsuit, which began in December 2020, has had a significant impact on XRP’s price. While Ripple scored a legal victory in July 2023 when Judge Torres ruled that XRP itself is not a security, the case remains unresolved. The upcoming February 12th deadline and potential rulings could significantly impact market sentiment and XRP’s price trajectory.

The whale’s recent activity, coupled with the ongoing lawsuit and broader market fluctuations, creates an uncertain outlook for XRP. While some analysts predict further decline, others point to potential catalysts like the lawsuit’s resolution. Investors are advised to carefully consider all available information and conduct their own research before making any investment decisions.

Featured image from Adobe Stock, chart from TradingView

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$245 Million Whale Wakes Up To Threaten XRP Price Recovery

A recent transaction by an XRP whale is currently threatening XRP’s price recovery. This particular address is known to have moved all their XRP holdings worth millions of dollars, a move that the XRP community fears could cause a downturn in the token’s price. 

Whale Moves Over 443 Million XRP

Data from blockchain tracker Whale Alert shows that an unknown address linked to crypto Bitvavo sent 443,112,410 XRP to another unknown address that is linked to Bitvavo. Interestingly, data from the XRP Scan shows that the receiving address was just activated prior to when the transaction occurred. 

While the reason for this recent transaction remains unclear, such moves are always known to stir the crypto community as they raise speculations of a sell-off or an impending one. Dumping XRP tokens of such magnitude will no doubt have an impact on XRP’s price and could cause the token to decline further. 

Whale transactions involving XRP seem to have become a common trend, with Bitcoinist and NewsBTC reporting on several occasions how a significant amount of the token has been moved from one address to another. Last week, over 63 million XRP tokens were moved in two different transactions between crypto exchanges and unknown wallets. 

Meanwhile, it is worth mentioning that the address that received the 443 million XRP is yet to make any move, as on-chain data shows that there haven’t been any outflows or inflows since then. That should calm fears about any impending selloff, as the move might have been made as a security measure to secure the funds. 

XRP price chart from Tradingview.com

All Is Well That Ends Well For XRP Price

XRP holders have continued to worry about XRP’s stagnant price action, with the token failing to make a significant price move up since losing its gains from Judge Anlaisa Torres’ ruling. However, going by Crypto Rover’s prediction, these concerns may soon be a thing of the past as XRP is expected to make a parabolic move in the “upcoming 8 weeks.”

Crypto analyst Egrag Crypto has also continued to urge the XRP community to focus on the bigger picture rather than worrying about XRP’s current price level. This big picture includes his prediction that XRP could rise to as high as $27 in the next bull run. If these predictions somehow manage to materialize, then there’s definitely a happy ending for XRP holders. 

Therefore, XRP’s tepid price looks like a small price to pay for the good things that possibly lie ahead for those who hold steadfast to their conviction that XRP will witness a parabolic move at some point. 

At the time of writing, XRP is trading at around $0.56, down in the last 24 hours, according to data from CoinMarketCap. 

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XRP Whales Make Big Moves Amid Market Volatility

XRP Whales are causing a stir in the XRP community as holders speculate on what could be the reason for their latest moves. On-chain data shows that these whales have moved a significant portion of their holdings in the last 24 hours.  

Over 63 Million XRP Tokens Moved

Data from Whale Alert shows that two significant XRP transactions have occurred recently. The first was a transfer of 26,400,000 XRP from an unknown wallet to the crypto exchange Bitstamp. The second was a transfer of 36,964,930 XRP from the crypto exchange MEXC to an unknown wallet. 

It is normal for transactions of such magnitude to raise eyebrows, considering the impact that they could have on XRP’s price. Specifically, such transfers to centralized exchanges usually suggest that the whale could be looking to dump the crypto tokens on retail investors. If so, that could potentially lead to a significant decline in the altcoin’s price. 

In this case, it is, however, worth mentioning that the first transaction in question happens to be a recurrent one, as huge sums of XRP tokens have been reported on a couple of occasions to have moved from that same wallet to Bitstamp. 

These transactions are believed to occur as a result of Ripple’s strategic partnership with the crypto exchange, with the latter using the crypto firm’s payment services. Meanwhile, the nature of the second transaction also allays fears of an impending sell-off. This is because the tokens were sent from the MEXC to an unknown wallet and not the other way around. 

As such, it is more likely to be a whale who is moving their XRP holdings to cold storage. This is more plausible, considering that these whales may soon see huge gains based on recent price predictions. 

XRP price chart from Tradingview.com

Why Price Could Rise To Over A Dollar Soon

Crypto analyst Ali Martinez recently offered a bullish narrative for the token’s price. He noted how the governing pattern behind the crypto token’s price action since June 2022 looks to be an ascending parallel channel. If this pattern continues, XRP could rise to between $0.80 and $1.10, the analyst hinted. Those price levels are the channel’s middle and upper boundaries. 

In a subsequent X post, the analyst also suggested that now may be a good time for those looking to get in on the token. He stated that the weighted market sentiment for XRP had dipped to its lowest negative point since mid-May 2023. Moments like this can “present unique opportunities in the market,” Martinez claims.  

At the time of writing, XRP is trading at around $0.56, down over 1% in the last 24 hours, according to data from CoinMarketCap. 

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Dogecoin Whale Moves 71 Million DOGE To Robinhood, What Does This Mean For Price?

A Dogecoin whale address recently made a transfer of 71.2 million DOGE valued at $6.3 million into Robinhood from a private address. According to various social media posts by whale transaction tracker Whale Alerts, large DOGE transfers in and out of exchanges have seen an uptick since the beginning of the week. At the same time, the price of DOGE has traded between a high end of $0.097 and a low end of $0.089.

Massive DOGE Transfer Into Robinhood

The uptick in massive DOGE transfers from whales has had investors thinking of the crypto’s outlook in the next few days. When whales make big transfers like this, it often signals they’re about to make a major buy or sell order that can impact the price.

In this case, data from on-chain data shows that the 71.2 million DOGE tokens were transferred from the private address “DF8jRK” to the Robinhood-linked address “DHQsfy.” The token transfer seems to have been a major part of the address’ holdings. At the time of writing, the address “DF8jRK” holds 36.3 million DOGE tokens, worth approximately $3.3 million.

Consequently, the transfer to Robinhood, a major crypto exchange, suggests the whale may be preparing to sell their DOGE holdings, which could drive the price down.

On the other hand, Whale Alerts has reported other large transfers during the last few days. For example, 367 million DOGE tokens worth $33.6 million were transferred between two unknown wallets. 

Also, 999 million DOGE tokens worth $91 million were sent from Binance to an unknown wallet in the past 24 hours. However, the crypto exchange clarified that the transfer was part of its standard wallet maintenance.

Dogecoin price chart from Tradingview.com

Current State Of Dogecoin

Dogecoin’s price movement this year has generally lacked the volatility and enthusiasm it has experienced from traders in past years. The crypto is currently trading at $0.09255, down by 0.29% in the past 24 hours, and has been stuck in a sideways movement. On the monthly timeframe, DOGE is up by 16% in the past 30 days. 

DOGE recently hit a yearly high of $0.10 this December. According to crypto analyst Ali Martinez, network activity has increased this month, with a steady rise in the creation of new DOGE addresses. 

Dogecoin now has 5.29 million addresses with a balance, reiterating its position as the largest meme coin and the fifth-largest address count in the crypto market. However, IntoTheBlock’s Active Addresses Ratio shows that the majority of these addresses are inactive, with only a 2.73% average in the past 30 days.

Dogecoin

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Dogecoin Price In Trouble: Whale Transfers 85 Million DOGE To Robinhood

The Dogecoin price has been put in a perilous position once more after a DOGE whale made a massive transaction to an exchange. The transaction which was flagged by a DOGE community member has raised eyebrows in the space and could possibly be putting sell pressure on the altcoin.

Dogecoin Whale Transfers Full Balance To Robinhood

On Tuesday, a single transaction carrying over $7 million worth of DOGE was noticed by a Dogecoin community member who posted the transaction on X (formerly Twitter). This transaction caught the attention of the community because it was carrying a little over 85 million DOGE.

At the time of the transaction, this tranche of coins was worth approximately $7.57 million, making it a large whale transaction. The destination of the transaction was even more concerning given that the coins were being sent to the Robinhood platform.

Now, the reason that this transaction is important is the fact that crypto holders will usually send their coins to centralized exchanges such as Robinhood to sell their coins. This is because they can take advantage of the cheap fees, as well as the deep liquidity provided by these platforms, to enable them to sell such large transactions with ease.

Furthermore, the X user noted an interesting thing about the sender’s address after the transaction. The whale no longer holds any Dogecoin on their account balance, which means they have sent all their coins to the exchange. This could signal that the whale is looking to completely exit their position as Dogecoin fails to launch.

Dogecoin price chart from Tradingview.com

What Happens To DOGE Price?

The DOGE price could be seeing some negative headwinds ahead especially if this whale is really selling their coins. With sell pressure already pushing down the price, selling such a large amount of Dogecoin would no doubt trigger a further decline.

This sell pressure is already evident in the meme coin’s price which has fallen drastically over the past week. In the last day alone, DOGE’s price is down 3.28%, deviating from the Bitcoin trend that has seen the pioneer cryptocurrency recover from yesterday’s lows.

However, there could be a change in this sell pressure soon as bids for the meme coin start to ramp up. According to data from IntoTheBlock, bids are starting to overtake asks again, meaning that buyers are coming back to the market. If this continues, then Dogecoin could look to reclaim $0.1 once again.

At the time of writing, Dogecoin is trading at $0.08994, with a 2.37% decline on the weekly chart. Its market cap is sitting at $12.79 billion, making it the 10th-largest cryptocurrency in the space behind Avalanche (AVAX).

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Shiba Inu Bucks Bearish Trend: Large Holder Netflow Rises 1079% To 4.68 Trillion SHIB

Shiba Inu has been going against the bearish trend recently, especially with the increased adoption of the Shibarium Layer 2 network. This time around, it is large holders who are driving the bullish return. Specifically, these large holders have increased their positive net flows by more than 10x.

Shiba Inu Large Holder Netflow Jumps 1079%

According to the on-chain data tracker IntoTheBlock, the Shiba Inu large holder net flow has seen a significant rise. These large wallets saw their net flow ( the total difference between inflows and outflows) rise an outstanding 1079% starting from December 10.

In total, the net flow of these large wallets came out to a whopping 4.68 trillion SHIB. Now, this is important when placed in comparison to the numbers from the previous days which the tracker shows to be just under the 287 billion SHIB mark.

A logical explanation for this massive uptick in net flows is that these whales are looking to take advantage of the low SHIB prices. On December 10, the SHIB price was still trading above $0.00001, which is when the net flows were under 287 billion.

However, as the SHIB price began to drop, the net flows of these large accounts began to rise. The further the price dropped, the more the whales added to their wallets. This shows a clear intent to accumulate tokens with the belief that the price is poised to bounce back again.

Shiba Inu price chart from Tradingview.com

SHIB Investor Sentiment Turning Bullish

The decline in price has understandably eroded investors’ bullishness to a certain degree. But this seems to be short-lived especially as metrics begin to turn toward the upside. The first of these is the SHIB burn rate seeing an uptick in the last day.

Data from Shibburn highlights a 49% increase in the burn rate of the meme coin over the last 24 hours. This comes as a total of 2.88 billion tokens were burned by the community at this time. Usually, this happens as investors expect a turning point in the price.

Additionally, the Shiba Inu Fear & Greed Index has also managed to maintain a neutral level. This suggests that there is still a good level of bullishness left after the price decline. As long as metrics continue to improve, there could be a turnback toward recovery soon.

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Ethereum Whale With Over $60 Million In Unrealized Profits Moves Coins To Exchange

A dormant Ethereum whale has resurfaced, moving their 39,260 ETH worth approximately $87.5 million. According to data from Lookonchain, this Ethereum whale with almost $90 million in ETH recently woke up and decided to move its mountain of digital assets to an exchange. 

Although it is unclear the motive behind this transfer, it appears to be to take profit on a 670% gain over the past five years. 

Ethereum Whale Moves 39,260 ETH To Crypto Exchange

The crypto market has had another flurry of price increases in the past few days, with Coinmarketcap’s Fear & Greed Index now pointing to an extreme greed of 81. Ethereum hasn’t been left out of the price gains, and the crypto is currently up by 11% in a 7-day timeframe. 

Amidst the price gain, a social media post by on-chain analysis tracker Lookonchain shows that a whale recently deposited 39,260 ETH worth $87.5 million to the crypto exchange Kraken. Further details from on-chain data show that the coins were acquired around June to August 2017. 

During this period, the whale address received 47,260 ETH acquired at an average price of $240 and worth $11.34 million in total at the time. However, the account has remained largely inactive since then, sitting on unrealized profit as Ethereum continued to grow in price. But now, the coins have made their way into Kraken.  

The massive transfer of funds from a whale’s wallet to an exchange typically signals them cashing out some or all of their holdings. In this particular case, the whale would make a profit of approximately $78 million if they decided to sell all their holdings on the exchange. 

Trend Of ETH Profit Taking Increasing?

A massive transfer of funds naturally leads to speculation within the crypto community, and there seems to be an increasing trend of large ETH holders taking profits. Other social media posts from Lookonchain over the past few days have shown similar cases of large wallets sending their ETH to exchanges. 

For instance, a recent post showed the movement of ETH in wallet addresses belonging to defunct exchanges FTX and Celsius. FTX deposited 3,143 ETH worth $7.2 million on Coinbase, while Celsius sent 7,500 ETH worth $17.2 million to address “0xc450.” 

Galaxy Digital followed suit, depositing 9,179 ETH worth $20.9 million to Binance. According to Whale Alerts, 16,944 ETH worth $38.14 million also made its way to Coinbase from a private wallet.

Even though Ethereum briefly touched $2,300 yesterday, it would seem the recent transfer to exchanges has had an effect on the price of ETH, as the crypto is trading at $2,269 at the time of writing, down by 1.5%. 

The crypto market remains largely unpredictable, but it would be prudent to wait to see if the crypto approaches and rebounds at the $2,200 resistance level. At the same time, a strong blast above $2,300 could signal bulls are still in control.

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Shiba Inu Whale Moves $33 Million In SHIB, Here’s The Destination

A Shiba Inu whale recently transferred a whopping $33 million in SHIB tokens off a crypto exchange into an unknown wallet. According to on-chain data from Whale Alerts, over 4.58 trillion Shiba Inu tokens worth $33.13 million have made their way into a private wallet from the crypto exchange Bitvavo. 

Details Of The Whale Transfer

Shiba Inu’s ecosystem is home to many whale investors, and transactions among these whales are not uncommon. Over the past few months, there have been huge transfers of SHIB from various whale addresses. This latest SHIB whale transfer was first spotted by Whale Alerts, a platform that tracks major cryptocurrency transactions. 

According to on-chain data, the transaction was made from the address “0xfd55” into a new private address “0xB96C”. The recipient wallet “0xB96C” now holds a total of over 4.58 trillion SHIB, worth more than $33 million at the time of writing.

🚨 🚨 4,584,530,677,374 #SHIB (33,132,403 USD) transferred from #Bitvavo to unknown wallethttps://t.co/HrCbR3oavs

— Whale Alert (@whale_alert) October 5, 2023

There’s no way to know what the whale plans to do with their huge SHIB holding, but large transfers like this tend to breed speculations from investors. When SHIB is withdrawn from exchanges, it reduces the selling pressure. This reduces the available supply of SHIB for sale, putting upward pressure on the price. 

While whale movements tend to reveal the current market sentiment, a single transfer cannot necessarily move the entire market. As a result, Shiba Inu’s price hasn’t reacted much to the transfer, although it has lost 0.32% of its market cap in the past 24 hours.

Future Outlook For Shiba Inu

Shiba Inu and its community have had to endure a few ups and downs around the launch of the layer-2 network Shibarium. Before its launch, Shiba Inu witnessed massive whale withdrawals from exchanges which increased buying pressure and the price of SHIB. 

While SHIB tokens are being removed from some crypto exchanges, others are simultaneously finding themselves on other exchanges. Recently, 425 billion SHIB tokens worth $3.2 million made their way into Coinbase as part of a potential selloff. Also, SHIB tokens in wallets linked to Ryoshi, Shiba Inu’s anonymous founder, were recently caught on the move. 

Although Shiba Inu witnessed a price increase at the beginning of the week, it has since lost most of these gains. Nevertheless, Shiba Inu currently maintains a market cap of $4.24 billion, so its price didn’t respond all that strongly to this shift. 

At the time of writing, SHIB is trading at $0.000007196. Data points to an upcoming rally with a price surge of over 400%. 

Shiba Inu price chart from Tradingview.com