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Whales Load Up on Pepe, Link, Uni—Here’s What’s Happening
- A whale withdrew 915.85 billion PEPE tokens from Binance, totalling US$7.94 million, and moved 1.238 trillion PEPE in two transactions worth US$10.4 million.
- The investor previously profited from an INJ trade but incurred losses on RNDR.
- Notable whale activities also included purchases in UNI, LINK, MKR, and ENS, with three whales primarily driving these altcoin transactions.
- Analyst van de Poppe outlines why now is a good opportunity to follow the whales.
Whale watching is a popular pastime in crypto and over the weekend some interesting sightings have been made. Analytics platform SpotOnChain reported that a multi-sig wallet withdrew 915.85 billion PEPE from exchange Binance. That is PEPE valued at a combined US$7.94m (AU$12m).
Over the following 28 hours, the wallet transferred 1.238 trillion PEPE tokens from Binance in two separate transactions, totalling US$10.4m (AU$15.7m), at an average rate of US$0.000008424 per token for its initial PEPE trade.
Related: Franklin Templeton Predicts Solana’s Rise to Third-Largest Crypto
Before this, the investor had earned US$146K (AU$220K) from a trade involving INJ and suffered a US$118K (AU$178K) loss from a trade with RNDR, with both tokens being held briefly, SpotOnChain said.
Other notable whale purchases include UniSwap (UNI), Chainlink (LINK), MakerDAO (MKR) and Ethereum Name Service (ENS). It is reported that three whales are accountable for these five altcoin purchases.
While the reasons behind recent crypto purchases by unidentified buyers are unclear, there are criticisms of selective reporting and arbitrary metrics. This focus on specific wallets may distort perceptions, implying market dominance by a few large investors.
LINK Almost at Bottom, Says Analyst
Meanwhile, LINK is trading at US$14.39 (AU$21.75), up just 3% in the past week. Analyst Michaël van de Poppe believes that the bottom may be in for the oracle network. Pointing to the LINK/ Bitcoin pair, he said it may be retesting lows around “2,000 sats again and rotate back up from there”.
For van de Poppe this is a great time to invest in Chainlink – a thought he seems to be sharing with the whales.
He also reveals his play when it comes to investing during corrections:
As a rule of thumb, the analyst buys more Bitcoin when the BTC market corrects 15-40% and more altcoins when they correct 25-60%.
This aligns with the philosophy of investing contrary to the general market sentiment: i.e. invest during times of panic and sell during times of greed.
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Of course, this is not financial advice. However, to get started and learn more about crypto, particularly how to analyse before buying, consider reading our guide here.
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
