Basic Attention Token (BAT) continues to fall steadily in indices this month, reaching ‘lowest’ levels every week. But whales see this drop as an opportunity and an opportunity to buy more BAT before they go up. A mysterious and unidentified whale bought 10 million BAT tokens worth $9.8 million yesterday during the crash.
BAT, hit an all-time high of $1.90 in November 2021, but the price took a big hit due to sales and profit bookings. It is currently down -48.3% from its ATH and is trading below the $1 level.
The token is down -14.5% since the last 30 trading days and -24.7% in the last 14 days. This week, the token has dropped another -7.6% and started the day with a -5.0% drop.
A drop in price is an indication of taking an entry position, and whales do just that. WhaleStats shared a transaction that showed an ETH whale bought $9.8 million worth of BAT.
“One ETH whale bought 10,000,000 BAT ($9,816,560). Whale is #236 on WhaleStats.”
🐳🐳 An ETH whale just bought 10,000,000 $bat ($9,816,560 USD).
Ranked #236 on WhaleStats: https://t.co/LgXrkP6e02
Transaction: https://t.co/CTZPdND9b5#BAT #ERC20 #DEFI #ETH #whalestats
— WhaleStats – the top 1000 Ethereum richlist (@WhaleStats) January 18, 2022
Is BAT a Profitable Investment?
Whales believe BAT still has a lot of power as it reached its ATH in November 2021 during a bear market. BAT defied market sentiment and rose in price as all other cryptocurrencies headed south and turned red.
The token is also one of the most widely used ERC-20 tokens with a real world use case. It is mainly designed to block trackers, invasive cookies and malware running simultaneously in web browsers without the user’s knowledge.
Other use cases include customized and different advertising services for the Brave web browser. The ad service utility is exchanged between users, advertisers and publishers, providing key data that speaks to the digital age. In other words, BAT has more to gain as it offers solutions to current problems in the age of digital technology.
For BAT to push the price higher again, the trading volume must increase and attract more buyers. Fear of further declines is what is keeping investors away from the token right now.
The token has not shown confidence in price throughout this month and has been mostly bearish. It is recommended to wait and watch for further declines before taking an entry position in BAT.
At the time of the news, BAT was trading at $0.96 and is down -5.73% in the last 24 hours.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.