Although the cryptocurrency market has been going up and down lately, some investors still continue to invest in altcoins that show great promise. One of these investors is an unknown “cryptocurrency whale” who purchased altcoins such as various PEPE coin worth over $120 million in the last 24 hours. In addition, the investments of this whale and the story of another whale who profited from MICHI investment reveal the latest developments in the cryptocurrency market and what investors should pay attention to.
PEPE coin and those cryptos are the focus of the new whale
Although the cryptocurrency market has been going up and down lately, some investors still continue to invest in altcoins that show great promise. According to an analysis by Lookonchain, an unknown cryptocurrency whale purchased various altcoins worth over $120 million in the last 24 hours.
The whale’s largest investments were listed as 40.7 million USDT, 9.425 ETH (about $30.15 million) and 957.77 billion PEPE (about $9.84 million). This was followed by 583.78 billion SHIB (about $9.68 million), 16,192 BNB (about $9 million), and 58.15 million DOGE (about $6.95 million). Balina’s other investments include RNDR, MATIC, FTM, FLOKI, LINK, FET, AVAX, GRT and more.
There is a decrease in prices
However, despite these large investments, no significant price increase was observed in the purchased altcoins. All of the top 100 cryptocurrencies have fallen in the last 24 hours, except ZK and WLD. Bitcoin also lost approximately 3.5% in value over the same time period. This shows that whale investments have difficulty influencing the market in the short term. Still, some analysts think the whale’s investments could have a significant long-term impact. It is stated that some of the invested altcoins have very solid projects and have the potential to gain value in the future.
Whale took profit from MICHI investment
According to another analysis by Lookonchain, an unknown whale earned 1.34 million USDC by selling 8.6 million MICHI. Whale made a profit of $1.24 million by selling MICHIs at an average price of $0.1557. The whale had purchased these MICHIs between April 8 and April 15 for 578 SOL (approximately $103,000) at an average price of $0.01186. The total value of MICHI at that time was approximately $5 million.
This sale indicates that the whale is making a profit on its MICHI investment. However, given MICHI’s recent price decline, how profitable whale investing is in the long run is a matter of debate. The cryptocurrency market always carries high risk and high reward potential. Although whale investments can affect the market in the short term, long-term results are difficult to predict. It is important for investors to conduct detailed research and consider the risks before investing.
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