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Whale Heavily Bags SHIB, ETH, CRV, & Others, What’s Next?
In the background of the broader crypto market’s recent waning price action, marked by a 0.24% slip in the global market cap, a whale has accumulated noteworthy amounts of five cryptos from CEXs OKX & Binance, piquing investor attention globally. The accumulations, encompassing Ethereum (ETH), Shiba Inu (SHIB), Curve (CRV), Uniswap (UNI), and PancakeSwap (CAKE) cryptos, have stirred a hurricane of speculations across the broader crypto market. Despite their sluggish price action in recent days, the whale’s accumulation has propelled optimism on the tokens’ future among crypto market participants.
Here’s a comprehensive report on the matter:
Whale Sacks Cryptos Hinting Potential Price Gains Loom
Market sentiments usually remain tinted with optimism when it comes to such massive accumulations. Large-scale investors’ accumulations hint at a strong sense of confidence in the asset’s potential to offer gains ahead.
It’s worth noting that these accumulations come amid a recent dip in the market, aligning with a potential ‘buy the dip’ investment strategy taken by the whale. Let’s delve deeper into these tokens’ price movements and accumulations:
Ethereum (ETH)
According to on-chain data by ‘The Data Nerd,’ the whale address 0x8A4 withdrew 1,531 ETH, worth $5.3 million, today, June 13. This accumulation comes amid the ETH’s recent slip below the $3,500 price level.
While writing, ETH traded at $3,502.14, down 0.95% over the past day. The token’s RSI rested at 44, hinting at broader neutrality with some downside pressure.
Shiba Inu (SHIB)
Meanwhile, on-chain data further illustrated that the same whale accumulated a whopping 94 billion SHIB, worth $2 million, today.
Weekly charts illustrate that SHIB dipped over 16%, whereas today, the meme coin fell 1.86% to $0.00002151. The fall in price further aligns with a strategic investment decision. However, SHIB’s RSI stood around 36, underscoring a significant downside momentum. Besides, Shiba Inu could witness notable gains if the token reaches oversold territory ahead. The meme coin’s burn mechanism further constantly aids SHIB’s cryptographic venture.
Curve DAO (CRV)
Further, data showcased that the whale also bagged 581K CRV today, buying the token amid a crash of almost 30% triggered by liquidations. Notably, of all the accumulations, this has sent tongues wagging as it emerges at a time when the Curve Finance founder’s (Michael Egorov) CRV holdings themselves are posed with risks.
As of writing, CRV traded at $0.2906, down 19.27% over the past day. The RSI entered an oversold territory, reaching 24, hinting that a potential price rebound looms.
Also Read: Australia’s Largest Bank Offers Monochrome Bitcoin ETF To 17M Customers
Uniswap (UNI) and PancakeSwap (CAKE)
Lastly, on-chain insights also revealed a 603K CAKE and 70,680 UNI accumulation by the whale today.
A total of $1.52 million CAKE was sacked against the backdrop of a 21% weekly dip in price. CAKE traded at $2.52, down 3.14$ today.
Similarly, $699K worth of UNI accumulation comes riding the back of a weekly pullback of nearly 6%. UNI traded at $9.99, falling 0.50% in the past 24 hours.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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