The altcoin, which has made a name for itself with its recent rise to Aptos (APT) number one whale, cryptocurrency exchange has transferred a large amount of coins to Binance.
The whale wallet nicknamed “Aptos1” sent 1 million APT to Binance, which corresponds to $17.1 million.
Why Did Whale Send Altcoins to Binance?
This transfer brought to mind the question, “Did the Aptos Foundation sell coins after the price increase of the altcoin?”
- The whale could sell 1 million APT coins on Binance, potentially causing a price drop in the altcoin’s value.
- Or the whale can hold the coins and wait for the price to rise further before selling.
- The whale in question can use the coins for margin trading or lending on Binance.
- Whale can transfer coins to a private wallet for long-term holding or as part of a portfolio diversification strategy.
- The whale may have transferred the coins as part of a coordinated effort with other major holders to manipulate the market and push the price up or down.
- Whale can use the transferred coins to buy other cryptocurrencies on Binance.
- The whale may have been a market maker and transferred the coins to manipulate the market.
- Whale may have transferred the coin to Binance for further trading with liquidity and other cryptocurrencies.
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It should be noted that these are only possibilities and it is not possible to know for certain what the intention of the whale was.
*Not investment advice.