Dormant Whale Awakens, Depositing 2,325 BNB (Worth $1.4M) into Binance

A significant event recently occurred when a dormant whale, after five years of inactivity, reactivated its account and deposited 2,325 BNB, valued at $1.4 million, into Binance.

A significant event recently occurred in the crypto sphere as a dormant whale, known for past large-scale transactions in Binance Coin (BNB), reactivated its account after five years of inactivity.

What Happened: The massive crypto whale, who previously made a significant deposit of 40,099 BNB (then valued at $126,000) in 2018, has returned to the Binance platform. This time, the whale deposited a massive 2,325 BNB, which, at the time of writing, amounts to $1.4 million.

The last time the whale made a substantial transaction was in 2018 when they withdrew 42,425 BNB. However, the inactivity of the account over the past five years makes this recent move particularly interesting and has sparked speculation about a potential shift in market dynamics.

Later, a crypto trader on X, formerly Twitter, shared an image of what appears to be the whale’s complete transaction history on Binance, showcasing the inactivity of the account since 2018.

The trader noted that the whale’s last transaction was a withdrawal of 42,425 BNB in December 2018, and the recent activity marks a significant event.

Image Credit: A crypto trader on X (formerly Twitter)

Also Read: Binance CEO Changpeng Zhao Reacts To Reports Of DOJ Investigating Crypto Exchange Involving Money Laundering

Key Levels To Watch In BNB Price Action: As BNB trades at $596.5 at the time of press, showing a slight 0.27% increase over the past 24 hours, price analysis indicates a potential double bottom formation, which could indicate the possibility of bullish momentum.

The bounce from the support zone at around $580 suggests that BNB is still holding up well and could be setting the stage for a potential rally.

Critical resistance level to watch is at $625. If BNB manages to break above this level, it could continue its ascent to target $678, confirming a more positive outlook.

However, if the price fails to pierce through the resistance, it might experience further consolidation or a setback to lower support levels.

Social Volume Of BNB Remains Low: Although BNB’s social volume remains relatively low, with only 41 mentions at the time of press, its social dominance has seen an uptick, reaching 0.55%.

This signals that the altcoin is gradually gaining attention from investors on social platforms, which could indicate a shift in market sentiment toward BNB.

While its social presence is still smaller compared to major cryptocurrencies, this increase in social buzz is a positive development that could further fuel BNB’s price action.

Pascal Upgrade To Bring EIP-7702 Smart Contract Wallets: Another factor that could contribute to BNB’s bullish outlook is the highly anticipated Pascal upgrade, which is set to go live on March 20, 2025.

This upgrade will introduce the EIP-7702 smart contract wallets to BNB Chain, bringing several key benefits, such as gas-less transactions, batch approvals, and easier onboarding for new Web3 users.

These enhancements are expected to significantly boost BNB’s utility, ultimately increasing its long-term value proposition and contributing to a more positive price outlook.

Will The Whale’s Reactivation Fuel A Bullish Surge?: Only time will tell if the signs are pointing to a possible bullish surge for BNB. However, the recent whale reactivation could serve as a catalyst, especially if BNB breaks through its key resistance levels.

When combined with the positive effects of the Pascal upgrade and the potential shift in market dynamics signaled by the whale’s inactivity over five years, there is a strong case for a potential rally.

Investors will need to keep a close eye on the upcoming resistance levels at $625 and the broader market trends to determine the next move for BNB. If BNB manages to break above the $625 resistance, it could be en route to reaching the next resistance at $678.

However, if the resistance holds firm and the broader market experiences a downturn, BNB might experience further consolidation or a setback to lower support levels, such as the $580 zone, where it recently bounced from.