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The crypto market continues to be in choppy waters, with the bulls and bears wrestling for control.
However, some crypto whales do not appear to be fazed by the uncertainty. To them, every dip is a potential buying opportunity.
Indeed, whales are continuing to stack Bitcoin, Pepe and new meme coins like Pepe Unchained, likely in preparation for an upcoming bull run.
Crypto Whales Accumulate Bitcoin, High-Potential Altcoins
Data from Lookonchain reveals that a crypto whale purchased 545 BTC – worth over $30 million – after the Bitcoin price crash on Tuesday.
This whale continues to buy the dip and has accumulated $49 million worth of Bitcoin at an average price of $56,993 – all in the past 3 days.
He is also not the only one. Another whale has invested nearly $136 million in Bitcoin in the span of a week, adding 2322.7 BTC to his holdings. This Binance trader currently holds 8,881 Bitcoin, worth $523 million.
This whale bought 322.37 $BTC($19M) again 1 hour ago.
He bought 2,322.37 $BTC($136M) in 5 days and currently holds 8,881 $BTC($523M).
Address:
3G98jSULfhrES1J9HKfZdDjXx1sTNvHkhN pic.twitter.com/JcdZGaqYJy
— Lookonchain (@lookonchain) September 3, 2024
Meanwhile, Pepe also remains in high demand. After all, the meme coin has emerged as an excellent beta play on Ethereum, with some experts projecting it to reach a $50 billion market cap.
A deep-pocketed trader withdrew $2.17 million worth of PEPE from Binance on Monday. It wouldn’t be surprising if whales continue to stack the meme coin, considering it is trading nearly 60% below its all-time high and appears to be highly undervalued.
Smart money investors also appear to be bullish on utility altcoins. For instance, the aforementioned Pepe whale also invested nearly $400k in Worldcoin.
Crypto whales also appear to be accumulating AAVE, data from Lookonchain reveals.
The trend indicates that seasoned traders aren’t as concerned by the volatile crypto market as short-term holders.
After all, the market is set to receive a strong boost from the US Federal Reserve’s aggressive quantitative easing. In fact, there is a growing likelihood that the central bank could decide on a 50 bps rate cut this month, particularly if the jobs report and unemployment data for August misses expectations.
The crypto market could also start to price in the growing odds of a Trump victory. Indeed, the pro-crypto Republican has now expanded his lead to 5 points against Vice President Kamala Harris, data from Polymarket reveals.
However, the bulls still have their work cut out for them. The Bitcoin price needs to flip the $61,000 resistance into support to avoid further downside, while a reclaim of the $68,000 level could pave the way for a new all-time high.
Meanwhile, altcoin investors would hope for ETH/BTC to breach the 0.046 mark, kick-starting the highly-anticipated altseason.
Smart Money Investors Are Also Buying New Meme Coins
Smart money investors continue to search for new meme coins and low-cap gems that could deliver outsized returns.
After all, the Fed’s rate cuts could pave the way for a meme coin mania, allowing for 10x to 100x returns.
For instance, crypto whales are stacking Pepe Unchained (PEPU), a new frog-themed meme coin with its native blockchain. Data from Etherscan reveals that a whale invested nearly $27,000 into PEPU while another purchased $57,000 worth of the meme coin.
These deep-pocketed investors aren’t the only ones buying PEPU. Indeed, Pepe Unchained has raised nearly $12 million in presale funding.
After all, it is one of the rare meme coins to have its native Layer-2 blockchain, a fact that has turned heads in the meme token space.
Aside from excellent marketing, the ETH-compatible blockchain also allows PEPU holders to take advantage of low trading costs and high staking rewards, the perfect formula for driving up retail investment.
Unsurprisingly, smart money investors are bullish on the new meme coin, with some suggesting that as much as 50x gains could be on offer for the early buyers.
Visit Pepe Unchained Presale
*Cryptonomist did not write the article or test the platform.
