Whales Are Scrambling! Forecast for O 2 Altcoins

Whale movements continue in the cryptocurrency industry. In particular, there are predictions for two altcoins. Let’s take a look at the details together.

Whale made moves for this altcoin

Blockchain tracking firm Lookonchain made a statement on Twitter today. Accordingly, a PEPE whale bought 227 billion PEPE at $0.0000011. Moreover, the whale is a whale that previously made a profit of $11.47 million from the PEPE transaction. Lookonchain’s post shows that the whale received PEPE between April 19, 2023 and April 27, 2023. At that time, the price of meme coin was very low. During that time, he spent $871,000 worth of 422 Ethereum (ETH) and 200k USD Coin (USDC) to purchase 4.23 trillion PEPE.

Later, the whale deposited its newly purchased meme coins into Binance after the exchange announced that it would list PEPE. 0x24b0, another address belonging to the trader, has withdrawn 12.54 million Tether (USDT) from the exchange platform. The on-chain data revealed that the last purchase by the whale was made using funds from 0x24b0. Address had previously purchased 227 billion PEPE. He had received a total of 5 million USDC from 0x24b0 before making his last purchase of PEPE. Lookonchain believes that this latest PEPE purchase could be a sign of an impending price increase for the coin.

Expectation for Ethereum

Interest in self-hiding and decentralized finance (DeFi) is growing in the cryptocurrency space. But the largest holders of over-the-counter Ethereum ($ETH), popularly known as whales, have steadily accumulated the second-largest cryptocurrency this year, holding 31.8 million ETH, currently valued at over $59.6 billion. . As crypto analytics firm Santiment points out, this backlog reveals an interesting development. It coincides with a recent turbulent period in the cryptocurrency markets triggered by regulatory actions in the US.

On Monday, the US Securities and Exchange Commission (SEC) made an important move. It filed a lawsuit against the world’s largest cryptocurrency exchange Binance and its CEO, Changpeng Zhao, before filing a lawsuit against Coinbase on Tuesday. The shock waves of this case were immediately reflected in the crypto market. It led to what Santiment described as the third worst trading day of 2023 for digital assets. The days with more significant losses were March 8 and April 17. What happens after regulatory action will determine the market’s trajectory in the next one to three weeks.

SEC’s moves

Crypto whales, in particular, quickly started buying the dip after cryptocurrency prices fell in light of the SEC’s lawsuits. As we stated as Kriptokoin.com, the data from the popular blockchain analysis platform Lookonchain reveals an interesting situation. Accordingly, Circle’s USD-pegged stablecoin shows significant moves in USDC shortly after the news broke. LookonChain in particular detailed that popular crypto liquidity provider and trading firm Cumberland has withdrawn 67.9 million USDC from Circle and invested 67.1 million USDC in another major cryptocurrency exchange, Coinbase.

FalconX, a digital asset and cryptocurrency trading platform, also displayed notable behavior. It was reflected in the market that the company received 37 million USDC from Circle. Then he became the subject of the news that he invested 29.5 million USDC in Binance. While whales are accumulating Ethereum, Ethereum (ETH) seems to be stuck below $2000, according to Bloomberg Intelligence Senior Macro Strategist Mike McGlone. According to him, the $2,000 level is a resistance wall for Ethereum. Exceeding this level will push the cryptocurrency to higher levels.