- The crypto market, featuring WIF coin and PEPE, witnessed significant activity on May 15 due to notable transfers and trades by large investors or “whales”.
- These movements, tracked by blockchain analysis platforms, shed light on potential investment strategies and trends in the crypto space.
- Noteworthy transactions include a large ETH outflow from Coinbase Institutional, a whale accumulating PEPE for profit, and activity around GME and WIF coin by new entrants to the crypto space.
Explore the recent activity in the crypto market as large investors make significant moves with WIF coin, PEPE, and more, revealing potential investment strategies and trends.
Large ETH Outflow from Coinbase Institutional
According to Whale Alert, a platform specialized in tracking large cryptocurrency transactions, there was a massive transfer of approximately 7,742 ETH, valued at around $22.35 million, on May 15. The source of this transaction was Coinbase Institutional, a wing of the popular exchange that serves institutional investors. It’s worth noting that this was not the only significant outflow from this address in recent days. Over the last two days, a total of 28,997 ETH, equivalent to about $83.8 million, was withdrawn from the same address. The destination of these funds, tagged as an “unknown wallet” by Whale Alert, is unknown.
Whale Accumulates PEPE for Profit
Spot On Chain, another blockchain analysis platform, revealed a fascinating trade involving a whale and the meme-inspired cryptocurrency PEPE. The platform’s data shows that between December 1, 2023, and February 12, 2024, a whale address spent a significant amount of approximately $1.56 million to accumulate a staggering 1.40 trillion PEPE. However, the story takes an interesting turn. Just 14 hours before the data was reported, the same whale address made a successful sale, selling 140.4 billion PEPE at a price that marked a new all-time high for the meme coin. This strategic move generated $1.57 million in DAI, a stablecoin pegged to the US dollar. The whale managed to recoup its entire initial investment with this sale.
GME and WIF Coin Whales Active
Lookonchain, a blockchain analysis platform focusing on emerging trends, reported another notable event. Apparently, two newly created wallet addresses, presumably owned by new entrants to the crypto space, withdrew a total of 3,045 SOL (approximately $438,000) from the KuCoin exchange. These funds were then used to purchase a significant amount of another meme-inspired token, GME, at an average price of $0.019. The total GME purchase reached 22.79 million. Lookonchain also reported a significant transaction involving another whale address. This particular address chose to exchange a significant portion of its WIF assets for the more established Solana (SOL) cryptocurrency. The trade involved 440,121 WIF, sold at an average price of $2.92 each, and generated a total of approximately 9,000 SOL, valued at about $1.3 million.
Conclusion
The recent activity in the crypto market, particularly involving WIF coin, PEPE, and GME, highlights the potential investment strategies and trends in the crypto space. Large investors or “whales” are making significant moves, shedding light on the dynamics of the market. However, it’s crucial to remember that such price movements are often driven by exaggerated promotions and social media trends and lack the fundamental foundations that support established cryptocurrencies.
