Some crypto whales were caught buying several meme coins when the crypto market went tumbling down before Bitcoin Halving.
One of the meme coins that were bought was PUPS, a BRC-20 meme coin that was originally built on the Bitcoin Blockchain through Ordinals.
Whales are Buying PUPS
The discovery was made by Lookonchain, where the analytical company published on Twitter that they saw a whale buying PUPS in a huge amount.
A whale was seen buying around $512,000 worth of PUPS at the price of $51 per PUPS which happened hours before the Bitcoin Halving.
It precisely happened over the weekend, which was around the 20th of April 2024. The whale prompted a new influx of volume from other whales to PUPS which essentially raised its popularity.
The unique thing is that this whale bought PUPS through the Solana Blockchain and not the Bitcoin Blockchain.
This is possible because there are multiple wrapped versions of PUPS which is essentially the same token but just operates on different blockchains to help traders buy it easier.
The purchase has made this whale the largest holder of PUPS on the Solana Blockchain because, before this transaction, the whale had bought $4.29 Million worth of PUPS on Solana.
Predicting the 186% Price Gain
The news traveled fast as currently, the transaction volume of PUPS is increasing rapidly, especially after Bitcoin Halving.
After the Bitcoin Halving happened most meme coin traders are positive that their holdings will rise, especially the meme coins in the Bitcoin Ecosystem.
While not entirely wrong, most of these meme coins are currently going up after the Bitcoin Halving, which can be a sign of potential new hype around the meme sector.
PUPS itself is still the leading meme coin in the Bitcoin Ecosystem, which is why it might benefit from the narrative of the bullish meme movement after the Bitcoin Halving.
PUPS Price Chart / Source: Dexscreener
The whale also helped with this new sentiment on PUPS, which might prompt a new upward trend if the price managed to stay positive.
Currently, PUPS is trying to break out of its correction zone, which can be a sign that it might do a reversal trend in the coming days.
The $51 to $52 price range can be a good buying zone for traders who want to capitalize on this potential, however, it is still pretty risky to buy in without much confirmation.
One confirmation can be seen from the bullish candlestick pattern on the weekend, which might be a sign that PUPS will go up this week.
However, it will be safer to wait for the buying volume to increase again, as the indicator shows that the buying volume is currently lower than yesterday.
The confirmation can be seen after the US Market opens, which means that traders could either wait or buy and wait, which can be adjusted with each other’s risk preference when trading meme coins.
PUPS might be able to go up by more than 150% in the coming days, with the next price target standing around the $145 mark. Remember to always use proper risk management to endure volatilities and minimize losses.
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