- Cryptocurrency markets have recently been buzzing with high-volume whale movements, capturing significant attention.
- Whales’ sudden and large-scale transactions can significantly influence prices.
- Today, major whale transfers were noted in the crypto market, particularly involving PEPE coin.
Discover the latest whale movements in the cryptocurrency markets and understand their potential impact on asset prices.
Major PEPE Coin Whale Sells with Significant Profits
Today saw a notable surge in the cryptocurrency market with a prominent whale executing substantial profit-taking on the popular memecoin, PEPE. According to on-chain data, a major PEPE whale transferred a significant amount of PEPE tokens to Binance. While the precise intent behind the deposit remains unclear, speculation rises about a potential sell-off, especially since the whale had stored the tokens in a cold wallet for an extended period.
Back in December 2023, this whale had purchased approximately 365.96 billion PEPE tokens from the MEXC exchange, paying an estimated $494,000. In a remarkable turn of events, the recent transfer to Binance, involving the same amount of PEPE tokens, has an estimated value of $5.3 million. Thus, within less than six months, the whale has transformed an initial investment of $494,000 into $5.3 million, accruing a profit of roughly $4.82 million, marking a 976% ROI. Despite a 8% PEPE value dip in the past week, the token has surged by 65% over the last month.
Noteworthy ONDO and PORTAL Movements
On June 5, according to Scopescan’s data, Ondo Finance made headlines by depositing about 62.3 million ONDO tokens, valued at approximately $89 million, into Coinbase. Despite this substantial transfer, the token’s price showed no significant fluctuation.
Ondo Finance deposited 62.3M $ONDO ($89M) to #Coinbase.
However, there is no major price change for this token despite the large amount of deposit and withdrawal.
moneyflow:https://t.co/Yq0dQzF8XO
Follow @ScopeProtocol and @0xScopescan for more updates.
pic.twitter.com/8ObXRuHuOZ— Scopescan (@0xScopescan) June 5, 2024
Additionally, on June 4, monitoring by ai_9684xtpa revealed significant activity in PORTAL tokens. A market-making address, presumed to be associated with PORTAL, moved a total of 5 million tokens across Binance, KuCoin, and Bybit within a four-hour window, valuing around $5.29 million. This address had previously received 5 million tokens before the PORTAL project’s official launch and had remained inactive until this recent transfer.
PORTAL’s price surged nearly 20% over the past 7 days📈. A suspected $PORTAL market maker deposited 5 million tokens (valued at $5.29 million) across #Binance, #KuCoin, and #Bybit within the last 4 hours.
The address had received these tokens from the Portal project pre-launch and remained dormant until now.
— Ai 姨 (@ai_9684xtpa) June 4, 2024
Conclusion
The recent whale activities involving PEPE, ONDO, and PORTAL tokens highlight the significant impact that large-scale transactions can have on cryptocurrency markets. As these narratives unfold, staying informed of on-chain data and market movements is crucial for investors seeking to navigate the volatile crypto landscape. These developments underscore the considerable profit potential while also pointing out the volatility that characterizes the market. Observers will be keenly watching how these tokens perform in the coming days and weeks.
