In the crypto market, keeping an eye on the moves of the ‘whales’ – individuals or entities holding large quantities of digital assets, can often provide insights into asset market trends such as Ethereum (ETH) and PEPE.
Earlier today, blockchain tracking firm Lookonchain spotted a major shift involving a substantial exchange between leading cryptocurrencies. The tracker detected a transaction where a whale divested significant holdings of Chainlink (LINK) and Binance Coin (BNB) to acquire a massive amount of Pepe (PEPE) and Ethereum (ETH).
Swapping LINK And BNB For PEPE And ETH
Lookonchain’s tweet disclosed the surprising revelation that the whale withdrew 1.93 trillion PEPE, roughly equating to $3.03 million, from leading crypto exchange Binance within the last day.
Related Reading: PEPE Coin Shines Among Top Gainers, Tallies 78% In Last Week
This immense withdrawal has been made possible by liquidating considerable positions in LINK and BNB.
The whale appears to have sold 97,735 $LINK ($592K) and 9,883 $BNB ($3.01M) at a loss of ~$342K, swapping all positions for 1.93T $PEPE ($3.03M) and 227 $ETH ($424K).https://t.co/J7GIyl6di8 pic.twitter.com/MrNQcnLEpC
— Lookonchain (@lookonchain) June 28, 2023
According to the report, the whale sold 97,735 LINK, estimated to be worth $592,000, and 9,883 BNB at an approximate loss of $342,000. The funds derived from these sales were then directed towards purchasing PEPE and ETH, marking a shift in this entity’s crypto portfolio.
Strategic Crypto Rebalancing Or Market Speculation?
The reasoning behind such a move by the whale is speculative at best. However, it’s evident that this whale sees potential in PEPE and ETH over the previously held LINK and BNB. The purchase of 227 ETH alongside the substantial acquisition of PEPE could be perceived as a diversification strategy, with Ethereum being a more stable, well-established asset complementing the more volatile Pepe.
These large-scale moves by whales often bring about significant impacts on the prices and trading volumes of the involved cryptocurrencies. Such activities underline the dynamic nature of the crypto markets, and the continual monitoring of these ‘whale moves’ remains a critical aspect of understanding market trends.
Over the past 24 hours, Ethereum has seen a 0.7% with a current trading price of $1,862. This slight decline follows the second-largest asset by market cap initial surge of nearly 10% in the past weeks. ETH has spiked from as low as $1,633 amid the Binance and Coinbase US Securities and Exchange Commission (SEC) lawsuit to trade above $1,800, at the time of writing.
On the other hand, PEPE has declined 5.7% in the last 24 hours following the asset’s double-digit gain of nearly 50% in the past week. PEPE currently trades at $0.00000154 with a 24-hour trading volume of $149 million.
Meanwhile, the frog-themed meme coin currently has a market capitalization of $649 million, ranking it 67th among the largest cryptocurrencies by market cap.
Featured image from Unsplash, Chart from TradingView