"This is the mindset we want, not when it goes up and buys, but when it goes down, we are afraid."
A new wallet that issued $17.43 million worth of cryptocurrency from Binance as the digital asset sector plunged has shown whales taking advantage of the downturn to buy a variety of altcoins.
Among the most crypto withdrawals are 48,922 Avalanche (AVAX) worth $1.86 million followed by 621,003 Fetch.ai (FETCH) worth $1.45 million including 5.14 million The Graph (GRT) worth $1.44 million, 1.9 million Polygon (MATIC) worth $1.41 million and 532,444 Optimisme (OP ) which cost $1.29 million.
Chainlink (LINK) and Dogecoin (DOGE) are also among the altcoins issued where each has issued as many as 68,598 tokens priced at $993,000 and 5.3 million priced at $851,000.
Despite that, the wallet without wasting time continued to buy 134,751 Render tokens (RNDR) worth $1.26 million, 174,421 Polkadot (DOT) worth $1.23 million and 1.6 million Fantom (FTM) amounting to $1.15 million.
Not only that, lesser-known cryptos like Pendle(PENDLE), Gala (GALA), Aavegotchi (GHST), Aevolve (AEVO) and dYdX (DYDX) also saw significant acquisitions including 124.6 billion Pepe Coin (PEPE) worth $681,000.
Various types of crypto obtained by new wallets show that whales are not only focusing on established projects but still looking for potential in newer digital assets as well as lesser known and not forgotten also take the opportunity to collect altcoins at a discount price.
Likely to be informed of the large withdrawal from Binance by the wallet highlights the importance of tracking large transactions on the crypto exchange as well as providing valuable insight into the strategies and sentiments of influential market players.
