Despite the recent dips in the cryptocurrency market, several cryptocurrency whales have invested in the two largest cryptocurrencies by market cap and these altcoin projects! So, what are these projects? Experts explained…
Leading cryptocurrency whales are using a new strategy!
Popular cryptocurrency whales have invested massive amounts of ETH and Wrapped Bitcoin (WBTC) into decentralized finance (DeFi) protocols to secure long positions, according to data from On-Chain data analytics platform Lookonchain. Using DeFi protocols, the investor made both ETH and WBTC investments and in return bought large amounts of Stablecoins. These stablecoins were then transferred to the popular cryptocurrency exchange Binance and used to buy more ETH and BTC.
This strategy, which has become popular among crypto whales in recent days, seems to be a bet that these cryptocurrencies will gain in value in the future, even though prices are under pressure. In one particular example, the person deposited a total of 10,100 ETH (worth $18.81 million) in Morpho AAVE, a DeFi protocol, in the last 24 hours. They then borrowed $11.5 million worth of stablecoins, which were then transferred to Binance. It’s unclear how much WBTC was involved in the transactions, but tweets from Lookonchain suggest a substantial amount. On the other hand, as quoted by Kriptokoin.com, Bitcoin (BTC) and Ethereum (ETH) lost 8 percent and 10 percent, respectively, last week.
Dogecoin (DOGE) whales increase their transactions!
On the other hand, popular cryptocurrency whales are also interested in the meme coin DOGE. According to WhaleAlert data, 151 million Dogecoins were moved from Binance to an unknown wallet in the last hours. Crypto data tracker reported that 151,605,154 DOGE worth $12,094,316 were transferred from Binance to unknown wallet.
https://twitter.com/whale_alert/status/1649970815729844225
While a purchase by a large whale cannot be ruled out, the transfer appears to be an internal wallet change, as an inspection to get more details revealed transfers between Binance wallets. One of the Dogecoin transfers was spotted by DogeWhaleAlert, and it was reported that 90,071,993 DOGE worth $7,202,066 were transferred from multiple wallets to a Binance wallet.
https://twitter.com/DogeWhaleAlert/status/1649970656119848964
Other Dogecoin transfers caught by DogeWhaleAlert include $12,999,996 DOGE worth $1,046,786 moved from a Binance wallet to an unknown wallet. DogeWhaleAlert also reported that five transactions of 5,000,000 DOGE worth $400,290 were processed between Binance wallets. On the other hand, as reported, Dogecoin has debunked the claim that private investors or so-called “whales” have certain wallets that hold a large percentage of their supply. In reality, he clarifies that most of the most popular Dogecoin wallets are cold wallets or hot wallets managed by exchanges, and as a result they represent Dogecoin in custody by the thousands.
BTC, ETH and DOGE price analysis
The leading cryptocurrency Bitcoin is trading at $ 27 thousand after losing the price level of $ 30 thousand. Instantly, BTC is changing hands at $27,538.21 and has lost 0.5 percent in the last 24 hours. Its market value fell to $532 billion.
Looking at Ethereum, the level of $ 1,856.33 is seen, and ETH has lost 1.3% in the last 24 hours. Its market value is around $223 billion.
After six consecutive days of gains, Dogecoin succumbed to the activity of the bears as investors took profits. The dog-themed cryptocurrency fell as low as $0.076 on April 21, after three consecutive days of losses in the crypto market. Following this, Dogecoin started to recover and at the time of this writing, it is trading at $0.08, up 1.6 percent in the last 24 hours.
On the upside, a short-term intermediate barrier for Dogecoin remains at $0.082, which coincides with the daily MA 200. Meanwhile, Dogecoin needs to hold above the daily MA 50 support at $0.079 to trend higher. Conversely, more declines below the $0.076 support could see a retest of the $0.071 levels.
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