A recent analysis by on-chain analysis platform Ember attracted attention. The analysis observed significant movements in the cryptocurrency market, shedding light on strategic transactions involving ARB and SNX. Important addresses made significant transfers indicating significant gains with altcoin projects. He also processed withdrawals. Here are the details…
Altcoin whale made ARB transactions
On November 12, Ember reported a compelling move as a specific address initiated a transfer of 1,462,305 ARB tokens, equivalent to $1.66 million, to Binance in recent hours. Interestingly, these ARBs were in action exactly 21 days ago, on October 22. At that time, ARB was withdrawn from Binance when its price was $0.835. This strategic move is poised to deliver significant gains, with potential profits of $440,000 representing a significant increase of 37%. Address had initially invested in ARB from July to August. Then, he faced a loss of $120,000 during this period. However, the latest transaction appears to be a ploy to recoup losses and make profits.
Altcoin Arbitrum is a layer 2 scaling solution for the Ethereum Blockchain that powers fast smart contract transactions while reducing transaction costs. According to the 2023 Developer Report, the Arbitrum chain is one of the fastest growing layer 2 solutions, with over 50% annual growth in the number of developers. Due to this exponential growth in development, the Arbitrum ecosystem now consists of many different elements. This also seems to attract the whales’ attention.
1.7 million SNX went to Binance
Ember’s data analysis on November 11 revealed another notable development in the crypto space. A whale address deposited 1.7 million SNX tokens worth approximately $4.48 million to Binance just three hours ago. This move translated into a profit of $600,000, reflecting a significant 15% increase in value. A further investigation into this transaction reveals that 1.7 million SNX tokens were withdrawn from Binance on September 6 at an average price of $2.28. The latest altcoin deposit indicates a strategic decision to take advantage of market fluctuations. Because it provides a commendable financial gain for the address in question.
These recent transactions highlight the dynamic nature of the cryptocurrency market, where investors and addresses strategically direct market movements to maximize profits. As on-chain analytics continues to evolve, information regarding such transactions is gaining attention. In particular, it provides valuable information for enthusiasts and investors alike. It also offers a glimpse into the ever-changing landscape of the Bitcoin and altcoin world.
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