"Wow, is the price going to go higher due to buying by whales?"
Unbeknownst to them, a number of cryptocurrency whales have recently been quick to buy large amounts of Pepe Coin (PEPE), Chainlink (LINK), Uniswap (UNI), Maker (MKR) and Ethereum Name Service (ENS).
One of them is an investor using the nickname “aavebank.eth” has withdrawn 500,000 UNI worth $3.75 million, 183,799 LINK worth $2.62 million, 171 MKR worth $500,000 and 31,139 ENS worth $484,000 from Binance in just six hours.
Analysts and crypto market participants pay attention to the move as the five digital assets are more likely to see significant price shifts which will also signal overall sentiment.
There is no denying that the issuance of large amounts of crypto by whales can reduce liquidity and affect price stability, but the investor can push the price higher if demand continues to grow.
So here it can be seen that the withdrawal of some digital assets from the crypto exchange shows that whales expect positive results from their holdings as they try to take a long-term approach instead of short-term gains.
As of this writing, the price of PEPE jumped by 2.09% at $0.0000086 in the last 24 hours while LINK recorded a 1.16% increase at $14.32 with a market capitalization of over $8 billion.
While UNI rose about 1.59% at $7.56 in the last 24 hours but still recorded a 1.83% deposit in the last seven days then MKR and ENS rose 1.05% and 3.30% respectively.
