The cryptocurrency market is struggling to find direction under the influence of forces in different directions. In this uncertain environment, crypto whales are turning away from some altcoins like Ethereum. However, there are also projects that fall under the whales’ radar.
Whales are selling Ethereum and MRK!
cryptocoin.com As you follow, the crypto market is stuck in a tight space. The market is struggling to keep up with the effects of suppressing and stabilizing factors. In this environment, crypto whales are exiting some altcoins, taking advantage of the recent price spikes. Venture capital firm a16z continues to sell Maker (MKR) tokens. Crypto analytics platform Lookonchain shared the whale’s latest move:
Note that a16z transferred 6,750 MKR ($8.25 million) to a new address 8 minutes ago. a16z will probably sell MKR again. Follow this address to see when a16z transfers MKR to exchanges.
Note that a16z transferred 6,750 $MKR ($8.25M) to a new address 8 mins ago.
a16z will likely sell $MKR again.
Follow this address to see when a16z transfers $MKR to exchanges.https://t.co/WfSShrm05a pic.twitter.com/lpNvt2rOLu
— Lookonchain (@lookonchain) July 27, 2023
Meanwhile, the leading altcoin Ethereum was also among those that came out of a whale’s basket. Lookonchain shared that a whale is selling Ethereum to buy the meme coin Pepe (PEPE). Accordingly, the analytics platform explained the transaction movements as follows:
A SmartMoney deposited 500 ETH ($937k) on Binance. An hour ago, 677B PEPE (withdrawn $941k. Purchase price was $0.000001385. Spent 100 ETH ($187k) on May 1 to buy 134B PEPE and 122B from OKX 12 hours before Binance announced that it had listed PEPE. PEPE (withdrawn $130k).
A SmartMoney deposited 500 $ETH ($937K) to #Binance and withdraw 677B $PEPE ($941K) an hour ago, the buying price is $0.000001385.
He spent 100 $ETH ($187K) to buy 134B $PEPE on May 1 and withdrew 122B $PEPE ($130K) from #OKX 12 hours before #Binance announced listing $PEPE. pic.twitter.com/rbWlxECAZc
— Lookonchain (@lookonchain) July 27, 2023
LINK whales trigger price rally
Meanwhile, the whales collected $77 million worth of LINK. Chainlink whales have accumulated nearly 11 million worth of LINK over the past month. The total value of these tokens is $77 million. Whale accumulation is typically considered as bullish. But in Chainlink’s case, it has failed to catalyze a rally in LINK in the last 30 days.
LINK accumulation of whalesAccording to Santiment’s on-chain data, Chainlink “outlined the altcoin pack” on July 26, 2023, thanks to large transaction volumes. Compared to the $211 million trading volume the previous day, LINK jumped more than 100% with $344 million in volume on July 26. LINK price rises with heavy whale accumulation. The altcoin has recorded the highest amount of transactions so far in 2023, with a valuation of over $1 million. Also, crypto addresses holding 100,000 to 10 million LINK coins continue to accumulate coins quickly. Meanwhile, according to the analysis, LINK’s recent breach of resistance at $7.7 highlights the new resistance level at $9.
Chainlink's CCIP aims to connect all blockchains into one.
If they succeed, that'll mean:
– No more bridges
– You can use the same token across any blockchain
– HUGE UX UPGRADE FOR CRYPTO AND WEB3Don't fade this CCIP – it could be BIG. Keep an eye on it 👀
— Lark Davis (@TheCryptoLark) July 27, 2023
PEPE whales collect tokens
The recent surge in PEPE has come as Dogecoin has also been enjoying bullish headwinds recently. The last rally was with whales participating in some buying activities. According to Lookonchain, two whales recently bought a large chunk of the meme coin using Ethereum. The first of these huge investors bought around 874 billion PEPEs using 600 ETH ($1.12 million). The meme coin was hovering around $0.000001286 at the time this owner was making transactions. In other words, the investor has made more than 9% profit so far.
The same investor made some big purchases the other day. Source: LookonchainThis whale (pronounced “yougetnothing.eth”) has been an avid altcoin trader over the past three months.
The other whale, which made a big purchase of PEPE today, was a little late to the party. Because while the price of meme coin was trading around $ 0.000001366, it bought 500 ETH ($ 938,000) and 658 billion PEPE.
This whale took about six hours after the previous whale. Source: LookonchainOf course, this owner is also in profit. However, their earnings are currently only around 3%. So it will be much less than the other whale will manage to achieve.
