- According to Whale Alert Huobi received over $400 Million.
- Three transactions have been made in recent hours.
- Will the market experience pump?
Recently, reports have suggested that $400 million worth of Tether (USDT) was transferred from an unknown wallet to Huobi, one of the world’s largest cryptocurrency exchanges. This has led many to believe that the market is about to experience a significant pump, as USDT is often used to buy Bitcoin and other cryptocurrencies when prices are low.
According to the report, two of these transactions were from the same wallet address and occurred using TRON’s network. The first transaction was worth $100 million, and the second was $204 million.
The third transaction, which came from Bitfinex to Huobi was worth $100 million. These three transfers add up to $404 million.
Huobi exchange mentioned in its announcement that the platform had not received any deposits from the addresses associated with the Whale Alert report. This could mean that the transfer of USDT from one exchange to another could be part of a larger plan to manipulate the market.
On the other hand, users on social media have speculated that the funds were sent to Huobi in preparation for a pump and dump scheme. This, however, does not mean that the market will definitely experience a pump, as there are many factors that can affect the price of cryptocurrencies. For example, if the whales who transferred the USDT liquidate it immediately, the price could drop.
It is unclear if the market will actually see a pump due to this transfer. While it is possible that the whale is planning to buy a large amount of cryptocurrency on Huobi, it is also possible that they are transferring their assets to the exchange for safekeeping.
Therefore, it is still impossible to know for sure what the $400 million transfer to Huobi means, it is also vital to be aware of the potential implications.
Large cryptocurrency transfers like this one often result in price movements. Therefore, traders should be cautious in transacting cryptocurrencies to avoid losses that cannot be reverted.
Recommended News :
Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.