News

New Gemini Custody Wallet Amasses Millions in Altcoins Amid Diverging Market Trends

A recently created Gemini multisig custody wallet, identified as 0xc96, has been accumulating significant quantities of various altcoins over the past two weeks.

The wallet, established just 18 days ago, shows impressive holdings, with the latest activity recorded just one day ago.

The wallet’s recent withdrawals include:

42,000 ETH, valued at approximately $103.8 million

– 350,000 LINK, worth around $3.77 million

– 200 billion SHIB, totaling $3.39 million

– 400 billion PEPE, valued at roughly $3.29 million

Related Post

While Bitcoin has been approaching its all-time high, displaying a clear bullish trend, most altcoins are lagging behind, trading at considerably lower levels.

This divergence is notable; while BTC is benefiting from strong momentum, many altcoins appear to be struggling. A prime example is Chainlink (LINK), which, despite Bitcoin’s recent rally, has reverted to its price from around a year ago.

The creation and activity of this Gemini wallet have sparked interest, given its sizable accumulation of high-profile altcoins during a period when most are underperforming.

The strategic assembly of ETH, LINK, SHIB, and PEPE suggests that institutional players might be positioning for a potential shift in the altcoin market, even as BTC leads the broader crypto market rally.

Whether this Gemini wallet’s activity signals confidence in an altcoin resurgence remains to be seen, but its substantial holdings have caught the attention of crypto enthusiasts and analysts alike.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: sakchai/123RF // Image Effects by Colorcinch

Will Izuchukwu

Will is a News/Content Writer and SEO Expert with years of active experience. He has a good history of writing credible articles and trending topics ranging from News Articles to Constructive Writings all around the Cryptocurrency and Blockchain Industry.

Share
Published by
Will Izuchukwu

Recent Posts

Solana’s $3.2M Entrepreneur Story & BlockDAG’s $1 Potential

How Solana Transformed an Entrepreneur’s Life & Why BlockDAG Could Be the Next Millionaire Maker…

8 mins ago

SOL Market Cap Hits $100 Billion as Possible Infinaeon Long-Term Price Targets Surge

The SOL price has surged to well over $200 as its market capitalization exceeded $100…

5 hours ago

Binance Coin Whales Reap Big Profits as Polkadot Struggles; A New Crypto Presale Is Dominating Investor Attention

BNB is already flashing signs of a bearish sentiment despite launching a new stablecoin while…

7 hours ago

Three Crypto That Surprised The Market: Rollblock, Cardano, and XRP

The crypto market is no stranger to unexpected twists. However, the recent performances of Rollblock,…

7 hours ago

As Bonk (BONK) and Pepe (PEPE) Shine, Rollblock (RBLK) Captures the Market’s Attention With Upcoming Reveal

Meme coins are back with a bang and are as insanely volatile as ever! Bonk…

8 hours ago

2024’s Top 9 Crypto Staking Platforms to Make Passive Income

Staking has become one of the most effortless ways to generate passive income in the…

10 hours ago