Whale’s $7.06 Million PERP Gamble Ends in a $2.04 Million Dive, 30% Loss in 2 Days

By 0xGorki 09/10/23 2:40 PM

In a stunning turn of events in the world of cryptocurrency, a mysterious crypto whale recently made headlines by executing a series of high-stakes transactions that ultimately resulted in a significant loss. The individual, whose identity remains undisclosed, moved a whopping 4,700 ETH (Ethereum) equivalent to approximately $7.66 million from the Bithumb exchange in the past two days. What followed was a series of strategic moves that grabbed the attention of the crypto community.

In a surprising move, the whale decided to invest this substantial sum in PERP, a token associated with decentralized perpetual contracts. They acquired a staggering 6.8 million PERP tokens, valued at around $7.06 million, at a unit price of $1.08. This acquisition accounted for a remarkable 10% of the total PERP circulation, causing ripples of curiosity and speculation among crypto enthusiasts.

A whale withdrew 4,700 ETH ($7.66M) from Bithumb in the past two days, then bought 6.8 million PERP ($7.06M) at $1.08, accounting for 10% of the PERP circulation. But tonight, all PERPs were sold for 5.02M USDT at an average price of $0.74, resulting in a loss of $2.04M (-29%).…

— Wu Blockchain (@WuBlockchain) September 10, 2023

The crypto community closely monitored these developments, and questions arose about the whale’s motivations and expectations. PERP had seen some notable price fluctuations in recent weeks, and it appeared that the whale was willing to take a substantial risk in pursuit of potential gains.

However, as the saying goes in the crypto world, “volatility is king,” and this story took an unexpected twist. In a dramatic turn of events, all 6.8 million PERP tokens were sold tonight for a significantly lower price of $0.74 per token, yielding a total of 5.02 million USDT (Tether). This strategic move resulted in a staggering loss of $2.04 million, representing a sharp decline of 29% from the initial investment.

Crypto enthusiasts and analysts scrambled to make sense of this turn of events. The sale of such a large quantity of PERP tokens at a lower price raised eyebrows, and many wondered if the whale had inside information or if this was merely a case of a high-stakes gamble that didn’t pay off. The loss serves as a stark reminder of the inherent risks and unpredictability of the cryptocurrency market.

Read more:

Join us on Telegram