Ethereum Whale Accumulates Millions Amid Market Dip: Lookonchain Reports

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Discover how Ethereum whales are strategically accumulating ETH during the market dip, securing significant profits. Lookonchain reports on key moves by smart money investors.

A major cryptocurrency whale has been identified amassing tens of millions of dollars worth of https://www.dxcrypt.xyz/search/label/Eth?m=1 strategically buying the dip. This development was first uncovered by blockchain tracking firm Lookonchain.

According to the report, an Ethereum address starting with “0x78D07” has purchased over $4.7 million worth of ETH on Friday. This adds to the whale's substantial ETH holdings, which now amount to nearly $100 million.

“Since May 24th, this whale has accumulated 37,800 ETH, valued at $99 million, with an average buying price of $2,420. Currently, they have an unrealized profit of $7.5 million,” Lookonchain revealed.

Lookonchain also observed another “smart money” whale, known for its impeccable trading record, accumulating approximately $70 million worth of ETH since late May. On-chain data indicates this whale has been sourcing ETH from Binance, the world’s largest crypto exchange.

“The smart money investor, with a 100% win rate, purchased 2,424 ETH, worth $7.22 million. Since May 29th, they’ve accumulated 19,436 ETH ($68.25 million) at an average price of $3,511,” reported Lookonchain.

As of now, Ethereum is priced at $2,551, marking a 3% decline over the last 24 hours.

While whales continue to load up on Ethereum, Lookonchain reports that one significant investor is cashing in on an ETH-based memecoin, Pepe (PEPE). The firm noted that this whale recently sold their remaining 395.92 billion PEPE tokens, securing a profit amid the market downturn.

“The whale deposited all 395.92 billion PEPE, valued at $3.4 million, into Binance a few hours ago. They made a total profit of $5.06 million, a 199% gain on their PEPE investment,” Lookonchain detailed.

At the time of writing, PEPE is trading at $0.00000785, down nearly 9% for the day.