Crypto Investors Bet Big on Shiba Inu and PEPE – Here’s How Much They Bought

Amid the turmoil in the markets, on-chain data shows that some whales were taking the opportunity to load up their portfolios. Notable among the transfers is the withdrawal of 957.77 billion PEPE and 583.78 billion Shiba Inu, among other meme coins.

In particular, this whale made a significant withdrawal of various assets worth $120 million from Binance. An in-depth analysis of transaction data shows a portfolio spread across 14 layer-1, layer-2, and meme coins.

Crypto Whale Goes All In Despite Price Crash

Bitcoin’s come down below $59,000 has many investors trying to decide what to do next. This drop caused a ripple in the broader crypto market, with almost all cryptocurrencies currently bleeding red according to the 24-hour price action.

The crypto market at the moment up in short-term bearish sentiment from the previous 24-hour trading period. This resulted in a sharp drop in the price of the currency and the total market value fell by 4.34% to $2.16 trillion. On-chain transaction data suggests that many whales trade, exclusively sending a whale 1,723 BTC worth $106 million on Binance in the last 24 hours.

However, according to data from Lookonchain, the new whale wallet is taking advantage of the price dip and is now accumulating more cryptocurrencies on Binance. The most notable of the transfers is the collection of 9,425 ETH worth $30.15 million. The accumulation of such a large amount of ETH can be justified by upcoming launch of Spot Ethereum ETFs, which are set to lead to an increase in the price of the cryptocurrency.

Transaction data shows that the new wallet is betting heavily on meme coins, despite many other whale addresses taking a cautious approach to acquiring meme coins. The whale is full of SHIB and PEPE in what many would call a profitable hunt for a potentially inexpensive asset. The whale withdrew 957.77 billion PEPE tokens worth $9.84 million and 583.78 SHIB tokens worth $9.68 million. Other meme coin collections include 58.15 billion DOGE worth $6.95 million and 9.49 billion FLOKI worth $1.56 million.

The new fund has released over $120M worth of assets #Binance 2 hours ago.

Including:
40.7M $USDT
9,425 $ETH($30.15M)
957.77B $ PEPE($9.84M)
583.78B $SHIB($9.68M)
16,192 $BNB($9M)
58.15M $DOGE($6.95M)
438,721 $RNDR($3.17M)
5.18M $MATIC($2.81M)
3M $FTM($1.59M)
9.49B… pic.twitter.com/lOrROZzVYl

– Lookonchain (@lookonchain) July 3, 2024

Other tokens are 40.7 million USDT, 16,192 BNB worth $9 million, 438,721 RNDR worth $3.17 million, 5.18 million MATIC worth $2.81 million, 3 million FTM worth $1.59 million, 104,128 LINK worth $1.04 million, 71 estimated at $1.05 million , and GRT 2.76 million worth $556,000.

The featured image was created with Dall.E, a chart from Tradingview.com