A newly created Gemini multisig custodial wallet is betting on four cryptocurrencies recently, sparking market speculation. The wallet created just 18 days ago has spent over $113 million accumulating Ethereum, SHIB, PEPE Coin and LINK cryptos. This massive investment has also fueled discussions about the potential impact of this decision on future cryptocurrency prices.
Gemini Multisig Wallet is betting big on these Altcoins
According to a recent article best altcoins. The report showed that the multisig custody wallet is betting $113.625 million to acquire a substantial amount of Ethereum, Shiba Inu, Chainlink, and PEPE coins.
A closer look at the report showed that the trader invested the most money in Ethereum. He spent $103.8 million to acquire $42,000 worth of ETH, sparking market optimism. Additionally, he accumulated 350,000 LINK tokens, worth $3.77 million, demonstrating his confidence in the altcoin sector.
On the other hand, the portfolio also seems to focus on the best coins. Notably, he added 200 billion SHIB and 400 billion PEPE, valued at approximately $3.39 million and $3.29 million respectively, to his portfolio.
Meanwhile, these diversified bets indicate that the trader could be preparing to take profits with the anticipated volatility in the coming days. For context, the crypto investors have become cautious against a backdrop of growing anticipation regarding the upcoming 2024 US elections and the FOMC this week.
Additionally, the higher volatility scenario in the coin industry often helps investors earn large profits due to their massive price fluctuations. Simultaneously, the wallet could also continue to accumulate more of these altcoins in the coming days, which could potentially drive up the prices of these cryptos.
Will SHIB, PEPE, ETH and LINK prices recover?
Following the news of the accumulation of the Gemini multisig wallet, Shiba Inu price today rose 1.10% to $0.00001703, with trading volume up 31% to $283.3 million. However, SHIB Futures Open Interest fell 1.15% at press time. Meanwhile, a recent Shiba Inu Price Analysis reveals key conditions that could send the meme coin to $1 in the coming days.
Simultaneously, PEPE Coin price traded near the flat line at $0.000008263 and its trading volume surged 37% to $602.45 million. PEPE Futures Open Interest also remained near the flat line, indicating moderate market interest. Additionally, a recent PEPE price analysis indicates that the frog-themed coin could reflect Dogecoin’s rally in 2021, sparking market interest.
As for Ethereum price, the second-largest crypto by market cap rose 0.63% to $2,469. However, Ether Futures Open Interest fell 0.5% to $13.46 billion. Despite this, a recent Ethereum Price Report hints at a potential crypto rally to $6,000.
However, despite these developments, LINK price today was down almost 3% at $10.64. The fall or moderation in prices of these altcoins indicates that investors may stay on the sidelines, seeking more clarity on market trends in the coming days.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. Its role involves publishing articles, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting relevant economic information. Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with diverse audiences.
Disclaimer: Content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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