A significant development has occurred in the world of cryptocurrency as a top whale holder has increased their long position in MOODENG to $33 million. This whale now holds 104.52 million MOODENG tokens, making them the largest holder with 10.5% of the total supply. The whale’s confidence in the market’s recovery is evident through this substantial bet.
The whale accumulated 11.8 million MOODENG tokens, valued at $5.37 million, from exchanges such as Gate and OKX over the past two weeks. This move comes at a time when MOODENG’s trading volume on decentralized exchanges has significantly decreased, leading to a price pullback from $0.7 to $0.3.
Despite the decline in trading volume and price, over 50,000 users continue to hold onto their MOODENG tokens. This significant number of holders could potentially signal a price reversal for MOODENG in the future. The price chart indicates that MOODENG has hit a crucial support level, which may trigger a potential reversal and price recovery, especially if market sentiment improves.
The market positioning on top exchanges like Binance is currently leaning towards a bullish outlook, with 68% of positions being net long on MOODENG. This indicates that more traders are betting on MOODENG’s price recovery in the near future.
Keeping an eye on the top whale holder’s actions could provide valuable insights into when to consider taking profits, especially if the whale starts selling their holdings. As the cryptocurrency market continues to evolve, these developments in MOODENG’s price and whale activity will be crucial to monitor for potential investment opportunities.
