A Whale Transferred a Significant Portion of an Altcoin’s Supply from Binance to Its Wallet Yesterday: The Price Has Doubled Today

One of the notable developments in the cryptocurrency market recently has been the large-scale wallet activity and price increase targeting the Binance Life (币安人生) memecoin.

According to on-chain data, a cluster of wallets withdrew tokens from the exchange yesterday that amounted to approximately 8.7% of the total supply. At the time of this transaction, the value of these assets was approximately $14.9 million.

Just 24 hours after the transaction, the value of these assets increased to $27.9 million. Thus, the wallet cluster nearly doubled in value in a short period.

On the other hand, a similar movement was observed approximately a month ago. A whale known in the crypto community as “Garret Bullish” withdrew tokens from Binance that amounted to 5.9% of the total supply at that time. While the value of these assets was around $4.4 million then, current data indicates that they have reached approximately $19 million, resulting in an investment of about five times the initial value.

*This is not investment advice.