Crypto Whale’s Massive Altcoin Dump Shakes Binance: SNX Prices Tumble

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.

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.

SNX/USDT 1 hour-chart on Binance | Source: TradingView

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.

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