Master of Escaping Tops" sells coins again, PEPE increases 30 times in 20 days, has the market collected two top signals?

For investors who have experienced the previous bull market, "Ethereum Foundation selling coins" has always been a reliable signal to exit. Another much-discussed signal to exit is the explosion of meme coins. Currently, the cryptocurrency market has met both of these conditions.

"Escape Master" Ethereum Foundation has transferred 15,000 ETH (worth about $30 million) to the address marked as "Kraken 5" on the chain via the "0xd864" address at 8:58 today.

The most discussed meme coin in this round of rise - PEPE, has a market value of over 1.5 billion US dollars in less than a month since its birth, with a 24-hour trading volume of over 1.7 billion US dollars across the network, almost on par with the bitcoin spot trading volume on the Binance platform during the same period. Since PEPE began to be listed on CEX in mid-April, its highest increase has exceeded 3000%.

2021 May First Collection

These two escape signals were confirmed twice in 2021, taking us back to the previous bull market.

On May 9th, 2021, meme coin leader Dogecoin (DOGE) saw a surge of over 1000% in just one month since April 9th, thanks to Elon Musk's bombshell endorsement. Eventually, caught up in the FOMO frenzy of "1 DOGE = $1", it reached an all-time high of $0.72 on May 9th. This sparked a craze among other "dog coins" such as SHIB, Floki, and SAMO.

The next day, Binance announced the launch of SHIB in the innovation zone. Bitcoin attempted to rise above $59,000 again but failed. On May 12, three days later, it began to plummet and hit a daily low of $49,000.

On May 17th, 2021, the Ethereum Foundation address (0xde0B2) transferred 35,053 ETH to the address starting with 0x5A70c5 at 15:47 on that day. One minute later, the ETH was transferred to the Kraken trading platform, worth approximately $115 million at the time.

(Data sourced from Etherscan, screenshot taken from BlockBeats May 2021 news)

At this point, the market has gathered two major signals of a top escape. On May 19th, two days later, Bitcoin experienced its most significant liquidity event and price drop since Black Thursday in March 2020. The event created the largest daily bearish candle in Bitcoin's history, with an intraday price range of $11,506.

Afterwards, Bitcoin consolidated in the relatively low range of $30,000 for two months, and the market was filled with bearish and pessimistic sentiment.

2021 Second Gathering

On July 20th, 2021, Bitcoin successfully turned around after receiving support at $30,000 USD. The market continued to rise with optimistic sentiment surrounding the approval of Bitcoin futures ETF and the imminent approval of spot ETF.

On October 28, 2021, while Bitcoin was consolidating above $60,000, meme coin SHIB hit a historic high of $0.000088, with a gain of over 1100% in the month since October 1.

On November 10, 2021, Bitcoin and Ethereum jointly set a new historical high. At 22:56 on the same day, the Ethereum Foundation transferred 20,000 ETH (approximately $90 million) to the Kraken trading platform.

The market has once again gathered two signals of a top escape, triggering a significant pullback and officially entering a bear market amid numerous explosive events.

Market cannot be too rigid, but still needs to be respected

For things that have not yet happened, no one can predict with 100% certainty. It may not be advisable to cling to old ways of thinking. However, apart from the two aforementioned warning signals, the current cryptocurrency market is still affected by many uncertain factors such as the Federal Reserve's interest rate decisions, the US banking crisis, the US government's sale of coins, and even the US government's default on its national debt. Every investor needs to maintain a sense of awe towards the market.

Welcome to join the official BlockBeats community:

Telegram Subscription Group: https://t.me/theblockbeats

Telegram Discussion Group: https://t.me/BlockBeats_App

Official Twitter Account: https://twitter.com/BlockBeatsAsia