On-chain data platform Lookonchain (@lookonchain) revealed in a tweet this morning that a whale has recently traded loaded in SUSHI, the native token of the decentralized SushiSwap exchange. According to Lookonchain, the whale bought back 4.08 million altcoin SUSHI.
Whale can sell altcoin project
According to the tweet, this whale previously bought 3.78 million SUSHI last year and staked the wholesale coin when the altcoin price was around $3. The post added that the previous time this whale bought SUSHI, the crypto was trading at around $11. This whale later transferred the purchased SUSHI to Bitfinex for about $6.
In another tweet this morning, Lookonchain reported that GoldenTree, which received 5,900,329 SUSHI from Binance and FTX in September and October 2022, recently received 53,695 SUSHI and 5,900,329 SUSHI from staking. He shared that he had withdrawn. GoldenTree also recently transferred 5,954,024 SUSHI to Binance through Cumberland. Lookonchain shared that GoldenTree will face a monetary loss if it sells this SUSHI at current market prices. According to the tweet, GoldenTree bought 5,900,329 SUSHIs at an average price of $1.24.
The news of Whale and GoldenTree repurchasing and selling SUSHI shares contributed to the 8.81 percent drop in SUSHI price in the last 24 hours. CoinMarketCap shows SUSHI weakening by 6.82 percent and 5.85%, respectively, against two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH). As a result, the price of SUSHI is $1.09 at the time of writing.
Will the recent sale affect the cryptocurrency?
The interest rate hike announced by the Fed yesterday was one of the main reasons for the decline in SUSHI prices in the last 24 hours. cryptocoin.com As we have also reported, there was speculation last week that the Fed would reduce interest rate hikes. However, the Fed announced a 25 basis point hike, which has reduced the overall crypto market cap by 2.64 percent over the past 24 hours. As of now, it is unclear why Whale and GoldenTree decided to sell their SUSHI holdings.
While some experts believe that the market may experience a correction, others think that market owners can take advantage of SUSHI’s higher prices to protect their profits. It is not yet clear how this will affect the overall crypto market in the long run. SUSHI enthusiasts will be hoping the price stabilizes soon, as SUSHI has been performing well in the market in recent months. The decentralized exchange SushiSwap is gaining in popularity and is successfully implementing new features on its platform that add to the positive sentiment surrounding SUSHI. However, it is not yet clear whether the recent sales will have a long-term impact on the altcoin’s performance.
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