Journalist
Posted:
- The newest MOODENG top whale holder increased his long position to $33 million.
- Nearly 70% of Binance’s top traders had a net long position on MOODENG.
A major player has taken advantage of the recent dump and raised his Moo Deng [MOODENG] holdings of over $33 million.
According to Arkham factsthe whale has collected 11.8 million MOODENG, worth over $5.37 million, through the Gate and OKX exchanges in the past two weeks.
Source: Arkham
A $33 million MOODENG bet
The whale now holds 104.52 million MOODENG (worth approximately $33.3 million) and has become the largest holder at the time of writing (10.5% of the total supply).
Such a huge gamble meant the whale had faith in market recovery.
Source: Arkham
Since mid-November, MOODENG’s trading volume on DEXes (decentralized exchanges) has dropped from $250 million to less than $50 million at the time of writing.
The price has followed the decline in traction. At the time of writing, MOODENG’s pullback was 55%, falling from $0.7 to $0.3.
Besides the $33 million whale bet, over 50,000 users still had the memecoin in his possession. Could this be a sign of a likely price turnaround for MOODENG?
Well, that would depend on the overall market recovery and the possible reallocation of capital to the memecoin story.
On the price chart, MOODENG’s pullback reached a crucial confluence and support level that could trigger a potential reversal.
Source: MOODENG/USDT, TradingView
Notably, the gold ratio at the Fib level of 61.8% ($0.3) was in line with a key bullish order block (white zone), which stopped another slight pullback in early November.
The level also aligned with trendline support, reinforcing the region as a strong support zone. So from this level there could be a price recovery, especially if market sentiment were to improve in the coming days.
That said, market positioning among top exchanges like Binance has been demonstrably bullish.
Read Moo Deng [MOODENG] Price prediction 2024-2025
At the time of writing, 68% of positions were net long on MOODENG, meaning more players were betting on MOODENG’s price recovery.
Source: Coinglass
Tracking the largest whale owner could help determine when to accelerate profit-taking, especially if he starts selling.