Despite the recent market downturn, some investors are taking advantage of the dip to buy up cryptocurrencies.
Whale Accumulates Meme Coins
One whale has been accumulating meme coins, including Shiba Inu (SHIB) and PEPE. The whale withdrew 957.77 billion PEPE tokens (worth $9.84 million) and 583.78 billion SHIB tokens (worth $9.68 million) from Binance.
Other Assets Acquired
In addition to meme coins, the whale also bought a variety of other assets, including:
- Ethereum (ETH): 9,425 ETH ($30.15 million)
- Tether (USDT): 40.7 million USDT
- Binance Coin (BNB): 16,192 BNB ($9 million)
- Polygon (MATIC): 5.18 million MATIC ($2.81 million)
- Fantom (FTM): 3 million FTM ($1.59 million)
Bearish Sentiment in the Market
Despite the whale’s bullish bets, the overall crypto market sentiment is bearish. Bitcoin has dropped below $59,000, triggering a sell-off in other cryptocurrencies. The market cap has declined by 4.34% to $2.16 trillion.
Whale’s Strategy
The whale’s strategy appears to be to buy undervalued assets during the market downturn. Meme coins like SHIB and PEPE have been particularly hard hit by the recent sell-off, which may make them attractive to bargain hunters.
