Blockchain analytics platform Lookonchain, known for tracking large cryptocurrency transactions, identified a potential trend in the crypto market. In a recent post, Lookonchain revealed that whales using newly minted wallets are accumulating UNI, BLZ, PEPE, and TRB.
Whales/freshwallets bought $UNI, $BLZ $PEPE and $TRB.
0x3492 withdrew 870,827 $UNI($8.5M) from #OKX 1 hour ago.https://t.co/fDNkGukDP4
0xe841 withdrew 7.69M $BLZ($2.16M) from #Binance 1 hour ago.https://t.co/dZtkV4i6I0
0x81cC and 0xf226 withdrew 303.4B $PEPE($3.8M) from… pic.twitter.com/wnQ3Gpnng7
— Lookonchain (@lookonchain) June 10, 2024
Lookonchain’s findings show a newly created wallet withdrawing 870,827 UNI tokens (worth $8.5 million) from the OKX exchange. Similarly, another fresh wallet withdrew 7.69 million BLZ tokens (valued at $2.16 million) from Binance.
Lookonchain’s report further highlights significant withdrawals from Centralized Exchanges (CEXs) using fresh addresses, occurring hours before the UNI and BLZ transactions. One address withdrew 303.4 billion PEPE tokens (worth $3.8 million) from Binance, while another transferred 20,628 TRB tokens (valued at $1.9 million) from the same exchange.
These withdrawals suggest a trend of new crypto market participants entering projects associated with the identified tokens. The community speculates that withdrawing assets from CEXs indicates a long-term holding strategy, potentially to avoid liquidation risks.
TradingView’s data show UNI traded for $9.685 at the time of writing, down roughly 20% over the past week. On the other hand, BLZ has experienced a surge, gaining 36% in the past four days after bouncing off support around $0.2075. Its current price is $0.2855.
The memecoin PEPE has retreated from its recent rally, currently trading at $0.00001239. This represents a 30% decline over the past two weeks from its all-time high of $0.000017223. TRB is currently experiencing its fifth consecutive day of decline, trading at $90.75 at the time of writing.
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