The market is in turmoil, but data shows a particular whale has been taking the chance to load up on the portfolio.
We see a withdrawal of 957.77 billion PEPE and 583.78 billion Shiba Inu, among other meme coins.
Bold strategy
This whale made a withdrawal of $120 million worth of various assets from Binance.
A closer look at the transaction data shows a complex portfolio across 14 different cryptocurrencies, including memecoins. Diversification at its finest.
Bitcoin’s drop below $59,000 has many investors scrambling to decide what to do next. Most of them selling, of course, but because they’re afraid, not because they want.
But thanks to this uncertainty, this decline triggered an avalanche across the crypto market, with virtually all cryptocurrencies currently seeing a big decrease in 24-hour price action. It’s red day.
Buy the dip?
The price decline comes with really big liquidations, hundreds of dollars worth of closed positions, and the overall market cap dropping by 4.34% to $2.16 trillion.
On-chain transaction data suggests many whales are selling off too, with one particular whale sending 1,723 BTC worth $106 million to Binance in the past 24 hours.
But there is another connecting viewpoint worth considering. Data from Lookonchain shows a new whale wallet is taking advantage of the price dip and accumulating multiple cryptocurrencies, including memecoins.
The biggest of the transfers is the accumulation of 9,425 ETH worth around $30 million.
Memecoin speculation
Transaction data also shows the new wallet is betting big on memecoins, despite many other whales being cautious with these assets.
They’re risky. The upside potential is undeniable, of course, but memecoins are maybe the most dangerous financial assets.
The whale seemingly doesn’t care, and has loaded up on SHIB and PEPE, likely viewing them as undervalued assets.
Then withdrew 957.77 billion PEPE tokens worth $9.84 million and 583 billion SHIB tokens worth $9 million.
Other meme coin accumulations included 58 million DOGE worth around $7 million and 9.49 billion FLOKI worth $1.5 million. That’s a lot of memecoins!
This large-scale accumulation signals that some investors are still bullish on the market’s long-term prospects despite the current downturn.
It this bet plays out as it intended, when the market rebounds, that could lead really, really big gains.
