Recent on-chain data sparks optimism for certain altcoin prices as a crypto trader, amidst the broader market’s bearish turn today, executed a potential buy-the-dip strategy. Despite Bitcoin and most crypto prices declining, the trader managed to accumulate $59 million worth of eight different coins, including ETH, PEPE, SHIB, RNDR, MATIC, LINK, AVAX, hinting at potential gains ahead.
Here’s an overview of these accumulations and the current price movements of the abovementioned coins.
Trader Bags $59M: A Look Into Token Holdings
According to the data revealed by EmberCN, an on-chain transaction tracker, the crypto trader with the address 0x4fdFE…was recorded as having been making the colossal purchases. Usual market sentiments convey a buy-the-dip strategy, as mentioned above.
Ethereum (ETH)
As per data by Arkham Intelligence, the abovementioned address bagged 9,425 ETH, worth $30.92 million, today. ETH price traded at $3,306, down 4.10% over the past day.
It’s worth noting that with odds tilting in favor of the launch of an ETH ETF ahead, the trader’s Ethereum accumulation has gained significant traction.
Pepe Coin (PEPE)
Simultaneously, on-chain data showed that the same trader accumulated 957.7 billion PEPE, worth $9.82 million, today. The crypto PEPE’s price tanked 7.45% from yesterday to rest at $0.00001043.
The significant price drop in Pepe coin, as also seen by a 17% crash over the week, might have urged the trader to enter the PEPE market. Besides, this accumulation hints at bolstered price movements ahead.
Shiba Inu (SHIB)
The trader also accumulated 583.7 billion SHIB, worth $9.63 million, amid a SHIB price drop. Shiba Inu traded at $0.00001658 today, a 3.15% fall over the past day.
Render (RDNR)
Meanwhile, the address sacked 438,700 RNDR, worth $3.13 million, per the data. This accumulation occurred as the RNDR price saw a pullback of 4.59% to $7.29.
It is worth noting that the address currently holds $3.16 million worth of RNDR.
Polygon (MATIC)
The same trader accumulated 5.187 million MATIC, worth $2.81M, today. MATIC price saw a 3.83% dip in value to $0.5455.
Chainlink (LINK)
104,100 LINK, worth $1.47 million, was also accumulated by the same crypto trader. LINK price was down 0.19% today.
Avalanche (AVAX)
AVAX accumulation by the address totaled 39.1K coins, worth $1.08 million. AVAX was down 3.86% today and was trading at $27.07.
The crypto’s monthly charts show a 25% crash in price.
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