Although MOODENG has lost more than 50% of its value, one whale is still betting 33 million dollars in hopes of a price reversal.

  • The latest top whale holder of MOODENG has increased their long position to 33 million dollars.

  • Nearly 70% of Binance's top traders hold net long positions in MOODENG.

A big player has used the recent sell-off to increase their holdings of Moo Deng [MOODENG] to over 33 million dollars.

According to Arkham's data, this whale has accumulated 11.8 million MOODENG from Gate and OKX exchanges in the past two weeks, worth over 5.37 million dollars.

33 million dollar MOODENG bet

As of the time of writing, this whale currently holds 104.52 million MOODENG (worth about 33.3 million dollars), making them the largest holder (accounting for 10.5% of the total supply).

Such a huge bet indicates that this whale is confident in the market's recovery.

Since mid-November, as of the time of writing, the trading volume of MOODENG on DEX (decentralized exchanges) has dropped from 250 million dollars to below 50 million dollars.

The price has also fallen. As of the time of writing, MOODENG's pullback has reached 55%, dropping from 0.7 dollars to 0.3 dollars.

In addition to the 33 million dollar huge bet, over 50,000 users still hold memecoin. Does this indicate that the price of MOODENG may reverse?

Well, it depends on the overall market recovery and the potential capital reallocation towards the memecoin narrative.

On the price chart, MOODENG's pullback has reached a key convergence and support level, which may trigger a potential reversal.

Notably, the 61.8% Fibonacci level (0.3 dollars) aligns with the key bullish order block (white area), thus preventing another slight pullback in early November.

This level also aligns with the trendline support, reinforcing the area's position as a strong support zone. Thus, the price may start to rise from this level, especially if market sentiment improves in the coming days.

That said, the market positioning of top exchanges like Binance is undoubtedly bullish.

As of the time of writing, 68% of the positions are net long on MOODENG, which means more players are betting that the price of MOODENG will recover.

Tracking top whale holders can help understand when to accelerate profit-taking, especially when they start to sell.