Cryptocurrency: Whales Scooped Up These Coins Amidst Market Dip

Vignesh Karunanidhi
Cryptocurrency: Whales Scooped Up These Coins Amidst Market Dip

In the wake of a recent cryptocurrency market drop, a fresh wallet has withdrawn $17.43 million worth of coins from Binance. The move, spotted by blockchain analytics firm Lookonchain, suggests that whales are taking advantage of the dip to buy a diverse range of altcoins.

The substantial withdrawal includes a variety of popular coins, with Avalanche (AVAX) leading the pack at 48,922 tokens, worth approximately $1.86 million. (FET) follows closely, with 621,003 tokens valued at $1.45 million.

Other notable coins in the withdrawal include The Graph (GRT) at 5.14 million tokens ($1.44 million), Polygon (MATIC) at 1.9 million tokens ($1.41 million), and Optimism (OP) at 532,444 tokens ($1.29 million).

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The fresh cryptocurrency wallet also bought 135,751 Render Token (RNDR) worth $1.26 million, 174,421 Polkadot (DOT) valued at $1.23 million, and 1.6 million Fantom (FTM) tokens totaling $1.15 million.

Chainlink (LINK) and Dogecoin (DOGE) were also among the altcoins withdrawn, with 68,598 LINK tokens ($993,000) and 5.3 million DOGE ($851,000), respectively.

Lesser-known coins such as Pendle (PENDLE), Gala (GALA), Aavegotchi (GHST), Aevolve (AEVO), and dYdX (DYDX) also saw significant acquisitions, with the fresh wallet accumulating tokens worth between $719,000 and $802,000 for each of these projects. Surprisingly, the wallet also scooped up 124.6 billion Pepe (PEPE) tokens, valued at $681,000.

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The diverse range of coins acquired by the fresh wallet suggests that whales are not only focusing on well-established projects but also seeking potential in newer and lesser-known cryptocurrencies. The recent cryptocurrency market downturn has presented an opportunity for whales to accumulate altcoins at discounted prices.

The substantial withdrawal from Binance by the wallet also highlights the importance of tracking large transactions on major cryptocurrency exchanges. These movements can provide valuable insights into the strategies and sentiments of influential market players.