Smart Trader: Two Addresses on Polygon Network Accused of Buying GNS Before Binance Launch for Profit
In the world of cryptocurrencies, there is never a dull moment. Recently, a tweet from Lookonchain has caused quite a stir. According to the tweet, two addresses on the Polygon network bought GNS before Binance launched it to make a profit. This news has left many wondering about the nature of the crypto market and how it can be manipulated.
The tweet states that the two addresses are 0x339904717900d71b80c792c4cee7a84439790d9f and 0xaAb3Cb57fbEc547207137fa998ea8d09Ece606e6. The first address started buying GNS on February 8th and spent $500,000 to buy 67,000 GNS at a price of $7.38. The address sold 11,000 GNS for $11.22 after the announcement.
Another smart money started buying $GNS on Feb 8, and spent ~$500K to buy 67,707 $GNS, with an average buying price of $7.38.
This guy still buying $GNS 20 mins before #Binance announced the listing of $GNS.
And sold 11,232 $GNS ($125,975) at $11.22 after the announcement. pic.twitter.com/C5zHCrjw7H
— Lookonchain (@lookonchain) February 17, 2023
The second address began trading GNS frequently since January 23 and spent $208,000 to buy GNS before the announcement, selling it for a profit of $106,000. It is worth noting that both addresses initially received funds from OKX and only traded in GNS.
A smart money bought 26,881 $GNS at a cost of $208,335 before #Binance announcement of listing $GNS.
Then sold 26,881$GNS and got $315,082.
This guy made $106,747 in a few hours!https://t.co/B5gTvWwAN5 pic.twitter.com/f7G0yyIMPm
— Lookonchain (@lookonchain) February 17, 2023
The tweet has caused a lot of speculation about the involvement of these two addresses in the GNS market. Some have accused them of insider trading, while others have called it market manipulation. However, it is worth noting that the crypto market is largely unregulated, and such activities are not illegal in many jurisdictions.
This news has highlighted the risks of investing in cryptocurrencies, which can be volatile and subject to sudden price changes. Many investors are drawn to the crypto market for its potential for high returns, but the lack of regulation can also lead to unpredictable market behavior. As more and more investors enter the market, it is essential to exercise caution and do proper research before investing.
The news about the two addresses buying GNS before Binance launched has caused quite a stir in the crypto community. It highlights the risks of investing in the crypto market, which can be subject to sudden price changes and unpredictable behavior.
Read more:
- Gains Network (GNS) Surges By Over 100% In Minutes Following Binance Listing In Innovation Zone
- Smart Money: Scientist Shares Strategies For Winning Blur’s Airdrop Program At Minimal Cost