According to crypto onchain data, a crypto whale created a new wallet address and purchased 448.14 million sudeng (HIPPO) worth a total of $1.05 million over the past two days.
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.
