Is the community going for the meme? From a data perspective, what are the giant whales doing on the chain?

Some friends always ask, if Meme is so popular in the market, will the market plummet?

I don’t know if it’s a deep correction, but the giant whales are really buying coins. They are believers in BTC, and we should also be believers in holding Meme ourselves.

From a data perspective, whales are hoarding coins crazily in the range of $54K to $68K.

Giant whales (addresses holding 1K to 10K BTC) and super whales (addresses holding more than 10K BTC) have significantly increased their holdings in this price range.

In particular, the super whales represented in the orange area have accumulated very intensively above $54K, while the medium-sized positions in the green and purple areas are also gradually growing.

In the chart, the blue section shows that the number of new whales is also increasing significantly in this price range.

New players enter the market and old players add positions, giving people the feeling that funds are continuously being injected into the market. This usually means that the market has very strong bullish expectations for Bitcoin in the medium to long term.

There is logic and strategy behind every move of the whales. The current frequent moves from $54K to $68K are probably preparing for the big market in the future.

I personally think that the market may have a very strong upward trend in the future.