In the constantly evolving environment of the cryptocurrency market, on-chain activities have recently attracted the attention of curious observers. Lookonchain’s tweets in particular shed light on the strategies of some key players, revealing intriguing transactions involving a significant amount of popular meme coins. Let’s take a look at the details of these recent transactions that are making waves in the crypto community. Here are the details…
Whale sells WBTC
In the first tweet, Lookonchain reported significant selling of $WBTC by a leading whale following the increase in the token price. Whale managed to liquidate 355 WBTC in the last 24 hours for 15.9 million USDT at an average price of $44,875. This strategic move resulted in the whale pocketing approximately $5.6 million, demonstrating the ability of major holders to influence market dynamics. Whale witnessed a significant profit as it initiated the sale right after a significant rise in the value of WBTC. This move demonstrated not only the whale’s acumen at timing the market but also its ability to influence short-term price movements.
As we reported as Kriptokoin.com, Wrapped Bitcoin (WBTC) is a type of cryptocurrency that represents Bitcoin (BTC) on the Ethereum Blockchain. It is an ERC-20 token pegged to the value of Bitcoin and allows users to interact with Bitcoin in a decentralized manner on the Ethereum network. In other words, the trader’s WBTC move actually shows transactions made with Bitcoin.
Smart trader’s meme coin initiatives attracted attention
Lookonchain’s second tweet highlights a savvy trader who made significant profits by taking advantage of BONK’s volatility. The trader, who previously earned approximately $6.9 million from BONK, reinvested 386 SOL ($40 thousand) to obtain 3.29 billion BONK in a recent transaction. This investor’s strategic approach towards BONK has been nothing short of impressive, amassing a significant amount of tokens over the past nine months. Despite spending only $6,998 SOL ($276 thousand) to accumulate 371.4 billion BONK during this time, the trader was able to cash out $50,139 SOL ($5.2 million) by selling half of his holdings during the rise in value of $BONK.
WBTC craze attracted attention again
On the other hand, Lookonchain’s third tweet reveals that a whale has purchased a significant amount of $WBTC on-chain and injected $18.25 million USDC into the market to buy $391 $WBTC in the last 6 hours. The significant investment in WBTC shows that the whale is bullish, confident in Bitcoin’s future growth potential. The average purchase price of $46,689 also indicates a calculated move by the whale to accumulate $WBTC during what he perceives as a favorable market condition.
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