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A cryptocurrency whale cashed out $3.2 million in PEPE, FLOKI, and WLD holdings, securing a $200,000 profit. The sell-off came after the Federal Reserve's rate cut, with traders reacting to increased market volatility.
$200K Profit from PEPE, FLOKI, and WLD
According to reports from Coingape, a digital asset whale has sold his interests in three assets, resulting in a profit himself.
According to the data posted on the blockchain, the dealer has made $200,000 after selling $3.2 million worth of PEPE, FLOKI, and WLD. With Pepe coin holdings, the whale made $110,000, while FLOKI and WLD brought in $45,000 and $44,000, respectively.
Market Correction Following Bitcoin Fall
Crypto experts claim that after Bitcoin's price dropped below $55,000, the trader lost money owing to market volatility. Currencies like meme currencies and altcoins also took a hit as Bitcoin's price fell, leading to a modest correction in the market as a whole. Investors seeking a profit chased after the price of cryptocurrency soared after the Federal Reserve cut policy rates by 50 basis points (bps) on September 18.
The market typically receives a bearish signal when large traders, known as "whales," move in tandem with smaller traders who are also moving in the same negative direction.
Ethereum Whale Dumps Millions in ETH
Traders have been moving in a similar fashion to reposition assets in response to price fluctuations recently. A whale trader on Ethereum dumped $38 million worth of ETH this week, causing a decline in the price of the cryptocurrency.
The Federal Reserve's move to lower interest rates has sent the cryptocurrency market skyrocketing. Following the September rate cuts, a number of conventional investors predicted market expansion due to the influx of capital into riskier assets.
The market cap has increased by 6% and now stands at $2.1 trillion. Pepe and other meme coins experienced a 13% spike in the past 24 hours.
Worldcoin, FLOKI Prices Climb After Fed Action
Worldcoin's price increased by 8% within the same time period, whereas FLOKI's price increased by 10%. As soon as macro variables turn positive, most analysts predict that the price of crypto assets would rise.
