web3.0Cryptocurrency Whale Cashes Out $3.2M in PEPE, FLOKI, and WLD Holdings, Securing a $200K Profit
The sell-off came after the Federal Reserve's rate cut, with traders reacting to increased market volatility.
A cryptocurrency whale has sold his holdings in PEPE, FLOKI, and WLD, cashing out $3.2 million and securing a $200,000 profit.
The sell-off comes after the Federal Reserve's rate cut, with traders reacting to increased market volatility.
After Bitcoin's price dropped below $55,000, crypto experts claim the trader stood to lose money due to the market volatility.
As Bitcoin's price fell, currencies like meme coins and altcoins also took a hit, leading to a small correction in the overall market.
After the Federal Reserve cut policy rates by 50 basis points (bps) on September 18, investors looking to cash in pushed up the price of cryptocurrency.
When large traders, known as "whales," move in unison with smaller traders who are also heading in the same negative direction, it usually bodes well for the market.
Ethereum Whale Dumps Millions in ETH
Traders have been repositioning assets in response to price movements, with a whale trader on Ethereum dumping $38 million in ETH this week, leading to a drop in the cryptocurrency's price.
The cryptocurrency market has soared as the Federal Reserve cuts interest rates, with some mainstream investors predicting market growth due to increased capital flowing into riskier assets following the September rate cuts.
The market capitalization has increased by 6% to reach $2.1 trillion. Pepe and other meme coins have seen a 13% surge in the past 24 hours.
Worldcoin, FLOKI Prices Rise After Fed Action
During the same period, Worldcoin's price increased by 8%, while FLOKI's price increased by 10%.
Most analysts predict that the price of crypto assets will continue to rise as soon as macro factors become favorable.
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