Crypto exchange Gemini deposited $113 million for its multisig wallet SHIB Coin and 3 altcoins. Gemini’s move sparked market speculation. The exchange made its highest bet on the leading altcoin Ethereum. The heavy bets sparked discussions about its potential impact on crypto prices in the coming days.
Gemini Multisig Wallet is betting big on these altcoins!
As you follow from Kriptokoin.com, the market continues its volatile course. Investors are taking a cautious attitude ahead of the critical US presidential election. However, there are market players who prefer to play big. According to on-chain analytics platform SpotOnChain, the newly created Gemini multisig wallet is heavily invested in four altcoins. The report reveals that this wallet has received a significant amount of ETH, SHIB Coin, LINK and PEPE. For this, the stock market has set aside $ 113.625 million.
Taking a closer look at the report, we see that the exchange invested the largest amount in Ethereum. Gemini spent $ 103.8 million to collect 42 thousand ETH, causing optimism in the market. It also revealed its confidence in the altcoin sector by accumulating 350 thousand LINKs worth $3.77 million. On the other hand, the wallet also seems to be shifting its focus towards the top meme coins. In particular, he added 200 billion SHIB Coin and 400 billion PEPE to his portfolio, worth about $ 3.39 million and $ 3.29 million, respectively.
Will PEPE, ETH, LINK and SHIB Coin prices rise?
Following the news of the Gemini multisig wallet’s accumulation, the SHIB Coin price rose 3.62% to $0.00001693 today. The token’s trading volume reached $275 million, up 19.5%. However, the SHIB Futures Open Interest was down 1.15% at the time of writing. Meanwhile, some analysts are making ambitious predictions that SHIB will go to $ 1. Whether this is possible or not is a matter of debate. Simultaneously, PEPE Coin was trading at $0.000008171, up 2.4%. The token’s trading volume increased by 19% to $567 million. PEPE Futures Open Interest also remained near the flat line, indicating a decline in market interest. In addition, a recent PEPE price analysis suggests that the coin could ignite market interest, mirroring Dogecoin’s 2021 rally.
The leading altcoin rose 1i11% to $2,469. However, Ethereum Futures Open Interest fell 0.5% to $13.46 billion. Despite this, some analysts point to a potential rally for ETH up to $6,000. However, despite these developments, the LINK price fell about 1.66% to $10.44 today. The decline or quiet trading in these altcoin prices suggests that investors may remain on the sidelines, seeking more clarity on market trends in the coming days.
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