Giant Whale Buys Large Amount of This Altcoin: Becomes the Second Largest Holder

According to on-chain data, a cryptocurrency whale has created a new wallet address and purchased 448.14 million sudeng (HIPPO) worth a total of $1.05 million in the past two days. With these purchases, this cryptocurrency whale has become the second largest HIPPO whale when excluding exchanges.
Interestingly, two cryptocurrency whales have recently accumulated 1.26 billion HIPPO tokens worth $2.94 million from exchanges. Among them, the whale who purchased 627 million HIPPO tokens worth $1.28 million at the time has become the largest holder of the token.
HIPPO, a memecoin based on the Sui network, is trading at $0.002530 at the time of writing, down 91% from its all-time high. The token has lost about 5% of its value in the past week. Despite the price drop, these whale transactions have raised questions about the purpose of the purchases.
With a market capitalization of 25 million dollars, HIPPO has seen the total market value rise above 250 million dollars at its peak.