Huge BTC and ETH transfers by crypto whales follow the 2024 U.S. election results.
Multi-million-dollar transfers of this large-cap frog-themed memecoin were detected hours ago.
The 2024 US elections, which elected Donald Trump, drove the global crypto market to $2.47 trillion, confirming a foray into the ‘greed’ zone. Dominant player, Bitcoin (BTC), marked the day for hitting its new all-time high (ATH) — the ATH Day as celebrated by the community.
On this ATH Day, crypto whales have shown up on the radar with massive transfers. Eleven new whale wallets recorded one of the day’s largest Bitcoin withdrawals on the crypto exchange Binance. According to Spotonchain, those wallets accumulated over 1,807 BTC, worth $133.5 million at current prices, in the last 7 hours.
Based on data from Arkham Intelligence, two massive ETH transfers were spotted in the last two hours. Reportedly, an Ethereum ICO participant deposited over 14,999 ETH, worth $39.38 million, on the crypto exchange Kraken two hours ago. Another whale deposited 10,000 ETH, worth $26.25 million, on the same exchange within the last 45 minutes.
The second largest cryptocurrency noted a 7.8% spike in the last 24H to surpass $2.6K. Its trading volume soared 105.8% to reach $37.16 billion.
Huge Crypto Whale Moves in the MemeFi Arena
On-chain analytics firm Lookonchain reported large accumulations of the frog-themed token PEPE over the past six hours. Three whales accumulated over 835.6 billion PEPE tokens from two exchanges, Binance and Gate.io. Additionally, Binance noted two whales withdrawing nearly 699.18 billion PEPE tokens.
Whales are accumulating $PEPE!In the past hour, 3 whales withdrew 835.6B $PEPE($7.94M) from #Binance and #Gateio!0x51Cc withdrew 535.81B $PEPE($5.09M) from #Binance.https://t.co/2Bjy1s07j50xa586 withdrew 163.37B $PEPE($1.44M) from #Binance.https://t.co/QYR3aPhb000xd3B0… pic.twitter.com/UJh1YjqG0B
— Lookonchain (@lookonchain) November 6, 2024
In the last 24 hours, PEPE surged by 15.37%, currently trading at $0.000009488. The meme coin’s market cap increased by 143.81% to reach $1.37 billion.
Meanwhile, following its remarkable surge, Elon Musk’s favorite Dogecoin (DOGE) saw increased whale activity. Whale detector Whale Alert tracked two significant DOGE transfers from the trading platform Robinhood. Eight hours ago, over 75 million DOGE were moved to an unknown wallet, and over 50 million DOGE were transferred to Coinbase.
Furthermore, two recently viral memecoins, FRED and PNUT, have also captured the attention of crypto whales. A new, anonymous whale accumulated over 17.35 million PNUT tokens and 68.97 million FRED tokens.
The popularity of these coins is somehow linked to the story of two orphaned animals, Peanut the Squirrel and Fred the Raccoon, seeking justice in the US. Elon Musk’s support for the cause on X has been a key factor in their rise.
Indeed, every aspect of the 2024 U.S. elections spurred the rise of memecoins. However, PolitiFi memecoins — altcoins inspired by the political scene — experienced bearish dips.
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