Recently, the coins sold by whales, who are big cryptocurrency investors, have been attracting attention. Platforms that provide on-chain data; shows that whales have recently sold LINK, GNS, and GMX. Here are the details…
Whales sell massive amounts of LINK, GNS and GMX
According to on-chain data, two major cryptocurrency whales have sold a significant amount of Chainlink (LINK) altcoins. The first whale sent the coins 1.2 million LINK (worth $8.88 million) to the cryptocurrency exchange Binance via seven addresses. The second whale, which bought 1 million LINK (worth $7.4 million) through Kraken in 2021, sent the coins to the Gate.io exchange via ten addresses. As a result of these transactions, there was a fluctuating course in LINK altcoin prices throughout the day.
On the other hand, Lookonchain revealed that a whale is selling Gains Network (GNS) and GMX (GMX) tokens that it bought from Binance a month ago. According to the post, the whale purchased 41,302 GMX (worth $3.05 million) at $74 and 59,064 GNS (worth $493,000) at $8.36.
Whale buys Ethereum as Shapella update arrives
Whale made a profit of $214,000 by selling GMX tokens at $79, while losing $88,000 by selling GNS tokens at $6.86. Whale also bought 1,696 Ethereum with the sale of GMX tokens and 211 ETH with the sale of GNS tokens. Today, there will be an important development for the Ethereum network and the Shapella update will take place. Whale may want to take advantage of the price fluctuations that the update will bring by buying Ethereum. cryptocoin.com As we reported, this update will allow people who have staked their ETH on the network in 2020 to “unstake” their ETH. The update is eagerly awaited by many in the field.
Overall, these transactions show the impact of large-scale cryptocurrency sales on the market, causing price fluctuations and highlighting the need for investors to carefully monitor and analyze on-chain data. As for recent sales by whales, it’s important to note that this is a common occurrence in the cryptocurrency market.
Whales are known to have a significant influence on market trends as they hold various coins. However, it is important to remember that the cryptocurrency market is highly volatile and subject to sudden price fluctuations. Therefore, investors should always be careful when investing in this market and stay up to date with the latest on-chain data and market trends. While the market is highly rewarding, it can also be highly volatile and subject to sudden price fluctuations.
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