The cryptocurrency market witnessed some interesting movements on March 28. There was notable activity from prominent figures and whale addresses, such as the TRON inventor. Let’s examine three important events that attract the attention of on-chain data analysts.
TRON inventor profits from LINK
According to on chain data analyst @ai_9684xtpa, Tron founder Justin Sun sold a significant amount of Chainlink (LINK) tokens earlier today. The analyst reported that Sun sold 35,000 LINK worth approximately $680,000 for a profit of $114,000. This transaction took place approximately 11 hours ago at the time of this writing. It is important to note that although some of its assets have been liquidated, the address associated with Sun still holds the remaining balance of 18,000 LINK, worth around $350,000. This news could impact LINK’s price in the short term, as Sun’s actions are often closely watched by the crypto community.
Whale sold ETH
Spot On Chain detected a significant transaction involving a whale address starting with “0xf2b”. This address recently sold its entire Ethereum (ETH) holding worth $17,768 just two hours ago at a price of approximately $3,503 per ETH. Notably, the proceeds from this sale were converted into a hefty sum of 62.24 million DAI, a stablecoin pegged to the US dollar.
What made this transaction particularly interesting was the origin of the ETH assets. Because, according to the data, these tokens came from the withdrawals made by the whale address from Gemini and Bittrex exchanges between 2018 and 2021. Therefore, the average purchase price of ETH in the transaction in question is estimated to be around $679.
This points to a potential profit motive for the whale. Considering that the total cost of acquiring this ETH is estimated at $9.69 million, the conversion to DAI suggests that the whale may be seeking stability or potentially planning for future investments.
Dragonfly benefits from MNT rally
Finally cryptokoin.com As we reported, Upbit, one of South Korea’s leading exchanges, listed Mantle. The price of Manta Network (MNT) has experienced a significant increase of approximately 60% following the announcement of its listing on the South Korean exchange Upbit. Lookonchain tracking data reveals a clear correlation between listing news and price increase. This positive development also attracted the attention of venture capital companies Dragonfly Capital and Fenbushi Capital.
According to data, Dragonfly Capital deposited a significant amount of MNT tokens worth approximately $13.86 million on the Bybit exchange. This move indicates the VC firm’s potentially bullish sentiment on MNT’s future prospects. Additionally, Fenbushi Capital transferred 2.89 million MNT tokens, worth approximately $3.78 million, to Bybit. In particular, this private holding of Fenbushi Capital has been in their hands for the last 8 months. If Fenbushi Capital decides to sell all of its MNT assets, it will make a profit of approximately $2.4 million.
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