With these purchases, this crypto whale has become the second largest HIPPO whale when excluding exchanges.
Interestingly, two other crypto whales had recently accumulated 1.26 billion HIPPO tokens worth $2.94 million from exchanges. Of these, the crypto whale, who purchased 627 million HIPPO tokens worth $1.28 million at the time, became the largest owner of the token.
HIPPO, a memecoin based on the Sui network, is trading at $0.002530 at the time of writing, 91% lower than its all-time high. The token has lost about 5% of its value in the past week. Despite the price drop, these transfers by whales have raised questions about the purpose of the purchases.
With a market cap of $25 million, HIPPO saw its total market value rise above $250 million during its peak.
*This is not investment advice.
Continue Reading: Massive Whale Buys Large Amount of This Altcoin: Becomes Second Largest Holder
