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

The post Crypto Whale Turns $48K into $14M with Massive SPX Sell-Off—More to Come? appeared first on Coinpedia Fintech News

A large whale is making headlines with a 289x profit-taking move in SPX tokens, a project on the Solana network. This whale, who accumulated 19.15 million of SPX earlier this year, has begun selling his holdings after bridging them to Ethereum, capturing a profit of almost $14 million. 

Whale Turn $48.4k Into $14 Million

Lookonchain, a major blockchain analytics platform reports that in early 2024, around Jan 29 and March 21, this whale began to purchase 19.15 million SPX tokens on Solana for just $48,400.

A whale with 19.15M $SPX($15.7M) is selling $SPX to realize profits.

His profit on $SPX is ~$14M, a 289x return!

He spent $48.4K to buy 19.15M $SPX on #Solana between Jan 29 and Mar 21.

He then bridged all 19.15M $SPX to #Ethereum and started selling $SPX on Oct 3.

So far, he… pic.twitter.com/zLwus8gcuU

— Lookonchain (@lookonchain) October 12, 2024

However, fast-forward to October, and this investor is realizing profits after the tokens appreciated significantly, marking an impressive 289x return, netting them about $14 million in profit so far.

Whale’s Profitable Strategy

To maximize gains, the whale chose a strategic path by bridging their SPX tokens from Solana to Ethereum before selling. Starting October 3, they began liquidating portions of their holdings, selling 4.15 million SPX tokens in exchange for 708 ETH, worth roughly $1.71 million. 

With 15 million SPX tokens remaining, valued at about $12.3 million, the whale’s continued sales have the potential to create ripple effects across the SPX market.

What’s Next for SPX Investors?

As Lookonchain’s report highlights, the whale’s actions could place downward pressure on SPX prices if sales continue. With 15 million SPX yet to be sold, investors and analysts are closely watching how the rest of this whale’s strategy unfolds.

spot_imgspot_img

Subscribe

Related articles

Bitwise’s 10 Bold Predictions For 2025, The Golden Era Of Crypto

The post Bitwise’s 10 Bold Predictions For 2025, The...

Crypto Bloodbath: $1.69 Billion Liquidations as BTC, ETH, XRP Crash

The post Crypto Bloodbath: $1.69 Billion Liquidations as BTC,...

Pump.fun’s Memecoin Empire Crumbles Amid Scandals and Regulation

The post Pump.fun’s Memecoin Empire Crumbles Amid Scandals and...

Time to Buy Bitcoin? MARA Acquires $1.1 Billion in BTC

The post Time to Buy Bitcoin? MARA Acquires $1.1...
spot_imgspot_img

LEAVE A REPLY

Please enter your comment!
Please enter your name here