Crypto prices took another tumble today, with the Bitcoin price trading as low as $55,600.
The broader market sentiment remains highly uncertain, with neither the bulls nor the bears in complete control.
However, whales are showing surprising conviction, pouring in millions to buy Bitcoin, Pepe and new crypto ICOs like Pepe Unchained. Their buying spree indicates that the next bull run could be on the horizon.
Whales Invest Million In BTC, Altcoins
Whales are leaving no opportunity to buy the dip.
For instance, data from Lookonchain reveals that a whale invested over $30 million to purchase 545 BTC, bringing his total to 862 Bitcoin over the past 3 days.
A whale bought 545 $BTC($30.82M) again after the $BTC price dropped!This whale has bought 862 $BTC($49M) from the bottom at an average price of $56,993 in the past 3 days.Address:bc1qg32kay34ma85prkvxwtx3gxlm9w5yaeffz8djs pic.twitter.com/qu2eesnqMk
— Lookonchain (@lookonchain) September 4, 2024
Similarly, another deep-pocketed investor has poured in $136 million to buy Bitcoin over the past week. He currently holds 2,322 Bitcoin worth over $500 million.
Asian investors also appear to be buying the dip. Data from Whale Alert reveals that a whale purchased nearly 3000 BTC from Huobi on September 3rd in 3 separate transactions.
🚨 🚨 🚨 999 #BTC (59,058,597 USD) transferred from #Huobi to unknown wallethttps://t.co/mcieVuiMkY
— Whale Alert (@whale_alert) September 3, 2024
Smart money investors are also bullish on meme coins, with Pepe being the most in-demand token. After today’s price decline, a Bybit trader purchased over $64 million worth of PEPE.
🚨 🚨 🚨 9,000,000,000,000 #PEPE (64,557,000 USD) transferred from #Bybit to unknown wallethttps://t.co/0LSYCQ2wro
— Whale Alert (@whale_alert) September 4, 2024
These traders are already profiting from their investments, owing to a sharp uptick in the Bitcoin price today on Wednesday. After trading as low as $55,600, BTC is now trading at $57,400 at press time, marking a 3.2% bounce back.
This comes after the US JOLTS job openings data released today missed expectations, falling to 7.673 million.
The market is now pricing in a 43% likelihood of a 50 basis point rate cut in September, a decidedly bullish scenario for cryptocurrencies. Meanwhile, the BRC-20 token SATS is up by over 6% in the past hour while the Solana meme coin Dogwifhat has rallied by over 3%.
New Crypto ICO Pepe Unchained Raises $12 Million In Presale Funding
The high demand for new crypto ICOs isn’t surprising. Some of these low-cap gems tend to deliver outsized returns during the bull market euphoria.
For instance, a new meme token - Pepe Unchained (PEPU) - has raised nearly $12 million in presale funding, despite the broader market uncertainty.
Unsurprisingly, whales have been quick to recognize its potential. One whale purchased nearly $27k worth of PEPU, while another invested over $57,000 into it.
In fact, smart money traders are publicly backing the meme coin. For instance, popular crypto trader Cilinix Crypto - who has over 66k YouTube subscribers - recently revealed that he has made a sizable investment in Pepe Unchained.
Similarly, YouTube ClayBro - with over 130k subscribers - believes that the meme coin could offer 100x returns to early buyers.
After all, frog-themed meme coins like Pepe and PeiPei are in high demand. However, Pepe Unchained’s own Layer-2 blockchain has created quite a buzz, with even crypto outlets like Cointelegraph and CoinMarketCap covering the news.
The native, ETH-compatible blockchain allows PEPU buyers to trade at extremely low costs and enjoy high staking rewards. This is the perfect formula for driving up retail investment, something that most new Ethereum meme coins lack.
In the upcoming bull market euphoria, it would not be surprising if Pepe Unchained emerged as one of the top performers.
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