Seizing the opportunity presented by a recent market downturn, a significant investor has bolstered their holdings in Moo Deng [MOODENG], now valued at over $33 million.
Based on data from Arkham, this whale managed to amass 11.8 million MOODENG tokens, amounting to a staggering $5.37 million, through transactions on Gate and OKX exchanges within the last fortnight.
A Bold $33M MOODENG Investment
With a current total of 104.52 million MOODENG (equivalent to around $33.3M), this investor has now claimed the position of the largest MOODENG holder, representing 10.5% of the entire token supply at present.
Such a substantial investment clearly showcases the investor’s confidence in a potential market turnaround.
Starting from mid-November, the trading volume of MOODENG on decentralized exchanges (DEXes) has witnessed a dramatic drop from $250M to less than $50M as of the current period.
Consequently, the cryptocurrency’s value tumbled by 55%, plummeting from $0.7 to $0.3 at the time of reporting.
Despite the whale’s $33M wager, there are still over 50,000 individuals retaining MOODENG, raising speculations about a prospective price recovery for the token.
However, the likelihood of such a rebound is contingent upon broader market recuperation and the potential influx of capital into the memecoin narrative.
Examining the price chart reveals a critical convergence and support level where the price reduction of MOODENG could prompt a significant turnaround.
A notable observation is the golden ratio at the 61.8% Fibonacci level ($0.3), coinciding with a pivotal bullish order block (white zone) that previously prevented a minor decline in early November.
This level also aligns with trendline support, fortifying its position as a robust support area, suggesting that a price resurgence might originate from this point, particularly if market sentiment experiences a positive shift in the upcoming days.
Furthermore, the market sentiment across leading exchanges like Binance appears favorably bullish.
Presently, 68% of positions are in favor of MOODENG’s upward trajectory, indicating a growing confidence among investors in the token’s potential recovery.
Monitoring the activities of the predominant whale holder could serve as a valuable indicator for deciding when to capitalize on profits, particularly if signs of divestment start to emerge.