A big whale in the cryptocurrency world is on the agenda with its remarkable investment through SPX tokens in the Solana network. This whale accumulated 19.15 million SPX tokens for $48,400 at the beginning of the year and has made a profit of approximately $14 million with this investment so far. However, the 15 million SPX tokens that the whale has not yet sold raise concerns about future price movements in the market. Meanwhile, a crypto whale who sold PEPE coin and bought SPX with his profit is also on the agenda with his earnings. So, what was these whales’ strategy and what should SPX investors expect next?
Turned $48,400 into $14 million
According to a report by cryptocurrency analysis platform Lookonchain, this major investor purchased 19.15 million SPX tokens from the Solana network in early 2024. The total cost of these tokens was only $48,400. However, over the past months, the value of the SPX token has increased rapidly, providing a 289-fold return to the investor. As a result, the whale made a huge profit of $14 million. Another important point that the whale drew attention to with its investment was the strategy of transferring its tokens from the Solana network to the Ethereum network. This strategic move allowed the investor to maximize his earnings.
Whale’s profit strategy: SPX tokens are bridged to ETH
This investor started selling SPX tokens by bridging them from the Solana network to the Ethereum network to make higher profits. Starting from the beginning of October, the whale began to gradually sell some of its SPX tokens. For example, as of October 3, he sold 4.15 million SPX tokens, obtaining 708 ETH. The total value of these ETHs was approximately $1.71 million. But this was just the beginning. The whale has 15 million SPX tokens that it has not yet sold, and the total value of these tokens is currently around $12.3 million. It is thought that if the investor continues to release these tokens into the market, it may create fluctuations in SPX prices.
As stated in Lookonchain’s report, sales by the whale may put downward pressure on SPX prices. Approximately 4.15 million SPX tokens have been sold so far, but the whale still has 15 million SPX tokens waiting to be sold. Investors are worried about what might happen in the market if this large amount of tokens are sold. If the whale continues to sell its tokens rapidly, SPX prices could drop significantly. Analysts are closely following the whale’s selling strategy. While gradual sales can maintain the balance in the market, mass sales can have a negative impact on the market. How SPX prices follow this process largely depends on the whale’s selling strategy.
SPX and PEPE coin exchange move: New strategies?
Interest in SPX tokens is not limited to this big whale. Another development that Lookonchain drew attention to was the move of a PEPE coin investor to replace his PEPE tokens with SPX tokens. This investor purchased 81.55 billion PEPE tokens for 800 thousand dollars. However, three hours ago, he exchanged 59.56 billion PEPE tokens for 754,943 SPX tokens. This transaction resulted in a 16% increase in the investor’s net worth. This move shows that interest in the SPX token has begun to increase and different investors are evaluating this token strategically.
The movements of whales in the cryptocurrency market often have a huge impact on prices. SPX tokens are not exempt from this situation. While whales selling large amounts of altcoins can push prices down, gradual sales can enable the market to absorb this pressure. While investors are closely following the whale’s selling strategy, they are waiting carefully to predict what path will be followed in the market. It seems that the future of SPX will depend on the steps this whale and other large investors will take. However, as always in the crypto world, given the unpredictability of market movements, it becomes clear once again that investors need to be careful.
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