Although the value of MOODENG has lost more than 50%, a whale still bets $33 million to bet that the price may reverse.

• The latest top whale holder of MOODENG has increased its long position to $33 million.
• Nearly 70% of top traders on Binance hold net long positions in MOODENG.

A big player has used the recent sell-off to increase its Moo Deng [MOODENG] holdings to over $33 million.

According to Arkham's data, this whale has accumulated 11.8 million MOODENG, worth over $5.37 million, from Gate and OKX exchanges in the past two weeks.

$33 million MOODENG bet

As of the time of writing, this whale currently holds 104.52 million MOODENG (worth about $33.3 million), becoming the largest holder (accounting for 10.5% of the total supply).

Such a huge bet means this whale is full of confidence in the market recovery.

Since mid-November, the trading volume of MOODENG on DEX (decentralized exchanges) has dropped from $250 million to less than $50 million as of the time of writing.

The price has also fallen accordingly. As of the time of writing, the retracement of MOODENG has reached 55%, from $0.7 to $0.3.

In addition to the $33 million mega-bet, over 50,000 users still hold the memecoin. Does this portend a potential reversal of MOODENG's price?

Well, that depends on the overall market recovery and potential capital reallocation to the memecoin narrative.

On the price chart, the MOODENG retracement has reached key confluence and support levels, which may trigger a potential reversal.

Notably, the 61.8% Fibonacci level ($0.3), the golden ratio, coincides with a key bullish order block (white area), preventing another minor retracement in early November.

This level also aligns with trend line support, reinforcing this area as a strong support zone. Therefore, the price may start to rebound from this level, especially if market sentiment improves in the coming days.

That said, the market positioning on top exchanges like Binance is undoubtedly bullish.

As of the time of writing, 68% of the positions are net long on MOODENG, meaning more players are betting on MOODENG's price to recover.

Tracking top whale holders can help understand when they start to accelerate profit-taking, especially when they start to sell.