In a recent turn of events that sent shockwaves through the cryptocurrency market, a prominent crypto whale unloaded a substantial stash of long-held altcoins on Binance, triggering a significant price drop. According to data from Lookonchain, this crypto whale parted ways with approximately 2 million Synthetix (SNX) tokens.
The crypto giant in question had initially acquired these tokens back in May of last year, when they were priced at an average of $2.4 per SNX token. At the time of purchase, the whale shelled out a staggering $4.9 million in USDT to secure this considerable stash.
A whale dumped 2,015,264 $SNX ($4M) on #Binance at a loss of ~$785K an hour ago.
The whale spent 4.9M $USDT to buy 2,015,264 $SNX at a price of $2.44 on May 18.https://t.co/ADsVsNcCYb pic.twitter.com/TtJhyNanWZ
— Lookonchain (@lookonchain) September 23, 2023
It appears that the whale may have offloaded these tokens at around $2.10 each, incurring an estimated loss of approximately $785,000 from this transaction alone. The news of the whale’s massive sell-off had an immediate impact on the SNX token, causing its price to plummet by 5%, bringing it to the $2 mark.
SNX, classified as a mid-cap altcoin with a market capitalization of $540 million, experienced a 17% depreciation in value over the past year. However, it’s essential to note that this token once reached an all-time high of $28.77 three years ago.
The crypto community was left both stunned and intrigued by this abrupt and substantial sell-off. Whale activities have been known to influence the prices of various cryptocurrencies, and this incident is no exception. The timing of the sale, amid the backdrop of a bearish market, has fueled speculation about the whale’s motivations and long-term implications for SNX.
Market analysts and cryptocurrency enthusiasts are closely monitoring the situation to discern whether this sell-off was an isolated event or part of a broader trend among crypto whales. The SNX token’s future performance will undoubtedly be in the spotlight, with traders and investors keen to understand how this incident will shape its trajectory.
Read more:
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