- As the cryptocurrency market recovers from last week’s downturn, whales have begun accumulating five altcoins.
- According to on-chain data and analytics account Lookonchain, whales have started buying Pepe (PEPE), Chainlink (LINK), Uniswap (UNI), Maker (MKR), and Ethereum Name Services (ENS).
- The purchases by these whales have created an impression that the upward trend will continue.
Whales have begun accumulating five altcoins as the cryptocurrency market recovers, signaling a potential continuation of the upward trend.
Whales Begin Accumulating Altcoins
Following last week’s downturn in the cryptocurrency market, whales have begun to move. According to a post shared by on-chain data and analytics account Lookonchain on May 5, whales have started accumulating five altcoins. The altcoins in question are Pepe (PEPE), Chainlink (LINK), Uniswap (UNI), Maker (MKR), and Ethereum Name Services (ENS).
Specific Whale Transactions
A whale wallet named 0x1A2E caught attention by purchasing 322 billion PEPE worth $2.78 million from Binance. Another account named “aavebank.eth” also made significant altcoin purchases. This wallet address executed purchases from Binance of 500,000 UNI worth $3.75 million, 183,799 LINK worth $2.62 million, MKR worth $500,000, and ENS worth $483,000.
Implications for the Market
The purchases made by these whales in these five altcoins have created an impression that the upward trend in the market will continue. This could potentially influence other investors to follow suit, further driving up the prices of these altcoins.
Conclusion
In conclusion, the recent whale activity in the altcoin market could be a positive sign for the continued recovery of the cryptocurrency market. As these major players begin to accumulate altcoins, it could potentially signal a continuation of the upward trend, providing a positive outlook for these specific altcoins and the market as a whole.
