In the last 24 hours, the cryptocurrency market has seen significant moves from several whales that have moved millions of dollars worth of altcoin projects. Here are the details…
XRP whales take action
Whale Alert, a leading monitoring platform, reported that around 232 million XRP tokens were transferred recently. A large part of this amount of tokens was withdrawn from top crypto exchange Binance to an unknown address. These transfers came in the midst of $2 billion worth of crypto withdrawals from the same exchange. For, cryptocoin.com As we reported, the CFTC recently accused Binance and its CEO, CZ, of violating US trade regulations. While the reason for XRP’s withdrawal remains unclear, XRP has recently recaptured the $0.5 level, delighting the XRP community.
Alongside Binance transactions, Whale Alert detected two more XRP transfers. The whales carried 20,752,375 XRP and 150,000,000 XRP. An unnamed whale transferred 20 million XRP from Bittrex to Bitstamp, and major South Korean exchange Bithumb moved 150 million XRP between its internal wallets. Earlier this week, crypto phenomenon David Gokhshtein pointed out that this coin is the only cryptocurrency whose price has not been affected by the news that the CFTC has sued Binance. Currently, XRP has peaked in social dominance over other cryptocurrencies, according to Santiment.
Whale Alert also reported that less than an hour ago, 20 million XRP, equivalent to $11.4 million, was withdrawn from South Korea’s leading crypto exchange Upbit. The funds were transferred to an unknown wallet, which then forwarded 19 million XRP to other addresses, while sending 4 million back to Upbit. At the same time, XRP’s price and trading volume rose against KRW on the Korean exchange, surpassing KRW 768 per token, gaining 27.4 percent in the past three days alone. In terms of transaction volume on Upbit, XRP continues to maintain its top position with a share of 35 percent. The total turnover of XRP on Korea’s largest crypto exchange is already $674.77 million, almost four times that of Bitcoin (BTC).
Santiment reports whale movement on popular altcoin SAND
Santiment, another on-chain analysis firm, reported a major whale movement for The Sandbox’s local presence, SAND; here, a whale moved 409 million SAND, worth about $261 million, to a new off-market address. The reason behind the move is still unknown, but this is the largest amount of coins moved since SAND’s inception in August 2020. Interestingly, the stock market exits in this example may indicate that the move of coins to the cold wallet is a bullish indicator. This suggests that investors may believe that prices will continue to rise and therefore prefer to store their holdings safely.
GMX whale broke his stake
Finally, on-chain data revealed that a cryptocurrency whale made a smart altcoin trade and made a huge profit. The whale in question first unstaked a total of 47,148 GMX tokens via UniSwap. He then sold 27,148 of the unstacked tokens for 1,151 Ethereum. That’s the equivalent of $2 million at the time of writing. The whale appears to have purchased 86,855 GMX for $4 million so far, staking it from October 2021 to March 2022.
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