Despite MOODENG losing over 50% of value, a whale was betting $33M for a likely price reversal.
- The latest MOODENG top whale holder increased his long position to $33M. Nearly 70% of Binance’s top traders were net long on MOODENG.
A large player has taken advantage of the recent dump and increased his Moo Deng [MOODENG] holdings to over $33 million.
According to Arkham data, the whale accumulated 11.8 million MOODENG, worth over $5.37 million, from Gate and OKX exchanges in the past two weeks.
Source: Arkham
A $33M MOODENG bet
The whale now holds 104.52 million MOODENG (worth about $33.3M) and has become the largest holder (10.5% of the total supply) as of press time.
Such a huge bet meant that the whale was confident of market recovery.
Source: Arkham
Since mid-November, MOODENG trading volume across DEXes (decentralized exchanges) has declined from $250M to below $50M as of press time.
The price has followed the decline in traction. As of press time, MOODENG’s pullback hit 55%, falling from $0.7 to $0.3.
Besides the $33M whale bet, over 50K users still held the memecoin. Could that signal a likely price reversal for MOODENG?
Well, that would depend on overall market recovery and potential capital re-allocation to the memecoin narrative.
On the price chart, MOODENG pullback hit a crucial confluence and support level that could trigger a potential reversal.
Source: MOODENG/USDT, TradingView
Notably, the golden ratio at 61.8% Fib level ($0.3) aligned 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, a price recovery could be fronted from this level, especially if market sentiment improved in the next few days.
That said, the market positioning amongst top exchanges like Binance was arguably bullish.
Read Moo Deng [MOODENG] Price Prediction 2024-2025
As of this writing, 68% of positions were net long on MOODENG, meaning that more players were betting on MOODENG’s price recovery.
Source: Coinglass
Tracking the top whale holder could help inform when to accelerate profit-taking, especially if he begins selling.
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