A big player has increased their Moo Deng [MOODENG] holdings to over 33 million USD by taking advantage of the recent sell-off.
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 USD.
33 million USD bet on MOODENG
As of the time of writing, this whale currently holds 104.52 million MOODENG (worth approximately 33.3 million USD), making it the largest holder (accounting for 10.5% of the total supply).
Such a massive bet indicates that this whale is confident in a market recovery.
Since mid-November, the trading volume of MOODENG on DEX (decentralized exchanges) has dropped from 250 million USD to below 50 million USD as of the time of writing.
The price has also fallen as a result. As of the time of writing, the retracement of MOODENG has reached 55%, dropping from 0.7 USD to 0.3 USD.
In addition to the massive bet of 33 million USD, over 50,000 users still hold the memecoin. Does this indicate a potential reversal in MOODENG's price?
Well, it depends on the overall market recovery and potential capital redistribution towards the memecoin narrative.
On the price chart, MOODENG's retracement has reached key convergence and support levels, potentially triggering a reversal.
It is worth noting that the 61.8% Fibonacci level (0.3 USD) aligns with the key bullish order block (white area), thus preventing another slight retracement in early November.
This level also aligns with the trendline support, reinforcing the region's position as a strong support area. Therefore, the price may begin to recover from this level, especially if market sentiment improves in the coming days.
That said, the market positioning on top exchanges like Binance is undoubtedly bullish.
As of the time of writing, 68% of positions are net long on MOODENG, indicating that more players are betting on a price recovery for MOODENG.
Tracking the top whale holders can help understand when profit-taking may accelerate, especially when they start selling.