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Crypto Whale Turns $48K into $14M with Massive SPX Sell-Off—More to Come?

Andras Crow-Hreidar by Andras Crow-Hreidar
October 12, 2024
in Crypto, News
Reading Time: 2 mins read
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Crypto Whale Turns $48K into $14M with Massive SPX Sell-Off—More to Come?
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A significant player in the crypto market has captured attention by making a staggering 289x profit with SPX tokens, a project hosted on the Solana network. This influential investor, known as a whale, had accumulated a massive 19.15 million SPX tokens earlier in the year and has recently started liquidating these assets after transferring them to the Ethereum blockchain. The result? An impressive profit of nearly $14 million.

Whale Turns $48.4k Into $14 Million

According to Lookonchain, a leading blockchain analytics platform, this whale initiated their acquisition of 19.15 million SPX tokens on the Solana network between January 29 and March 21, 2024, at the modest sum of $48,400. Fast-forward to October, and the investor has begun to reap the rewards of their foresight. As the value of SPX tokens surged, the whale has managed to secure an astounding 289x return on investment, translating to a profit of approximately $14 million.

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Whale’s Profitable Strategy

To optimize their profits, the whale employed a savvy strategy by bridging their SPX tokens from Solana to Ethereum before initiating sales. Commencing on October 3, the whale strategically began to sell portions of their holdings, liquidating 4.15 million SPX tokens for a return of 708 ETH, which was valued at around $1.71 million at the time. With 15 million SPX tokens still in their possession, estimated to be worth about $12.3 million, the whale’s ongoing sales are poised to exert a significant influence on the SPX market.

What’s Next for SPX Investors?

The insights provided by Lookonchain suggest that the whale’s actions could potentially exert downward pressure on SPX prices if the sell-off continues. With a substantial 15 million SPX tokens yet to be offloaded, both investors and market analysts are keeping a vigilant eye on the unfolding strategy of this influential whale. The market dynamics and investor sentiment surrounding SPX could experience shifts as the whale’s actions continue to play out in the crypto arena.

As the situation develops, SPX investors will need to stay informed and agile, ready to adapt to market changes that may arise from such significant asset movements. This scenario highlights the impact that major stakeholders can have on emerging blockchain projects and underscores the importance of strategic planning in maximizing investment returns.

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Andras Crow-Hreidar

Andras Crow-Hreidar

Hi there, my name is András and I'm a business and finance journalist living in Norway. My passion lies in uncovering the latest stories in the world of finance and delivering them to my readers in a way that's clear and engaging. I cover a wide range of topics in the finance world, including cryptocurrencies, which I believe have the potential to transform the way we interact with money and financial systems.As a journalist, I'm committed to providing my readers with accurate and reliable reporting. I believe that access to high-quality information is essential for making informed decisions, whether it's about personal finances or investments. When I'm not writing about finance, I enjoy a variety of hobbies and interests.

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