Whales are Stocking Three Altcoin Projects: Selling One!

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In the cryptocurrency world, whales continue to show their influence by creating significant waves with their strategic moves. Here are five important whale activities that have attracted the attention of altcoin enthusiasts recently…

Altcoin ARB whale is on the move

Just a few hours ago, Lookonchain monitoring reported a notable transaction involving a whale address. This crypto giant withdrew 1.14 million ARB tokens worth approximately $945,000 from Binance. What makes this movement interesting is the history behind it. The same whale deposited 1.13 million ARB tokens to Binance on July 3, when the price was $1.17, and lost approximately $15,000 from this investment.

Additionally, Lookonchain’s latest tweet showed an increase in ARB accumulation, again highlighting the activity of a whale. This whale had received 1.19 million ARB tokens from FalconX, worth over $1 million. Interestingly, those who bought ARB were not whales, but smaller investors symbolized as “fish and shrimp”, as evidenced by the increase in the number of addresses holding ARB. Whale activity around the altcoin has remained relatively low.

Curve Finance heads higher with whale move

Meanwhile, Curve Finance’s local currency, CRV, is on an upward trend despite weakness in August. While CRV has increased by 22% in the past two weeks, there was a 10% increase in the last week alone. Adding to the intrigue, a whale known as “0x171” transferred 1.542 million CRV tokens, worth approximately $684,000, from Binance to Curve Finance. Over the past week, this whale has actively provided liquidity to Curve Finance, contributing 5.36 million CRV tokens worth $2.27 million.

SNX whale shook the altcoin market

As Kriptokoin.com reported, a prominent crypto whale made headlines by selling a significant stash of 2 million Synthetix (SNX) tokens on Binance, triggering a significant price drop. This whale first purchased the tokens in May of the previous year at an average price of $2.4 per SNX token. The sale, likely around $2.10 per token, resulted in an estimated loss of approximately $785,000 and caused the price of SNX to drop by 5%.

Ethereum whale acted tactically

Finally, according to Ember data, an Ethereum whale withdrew 4,102 ETH (approximately $6.52 million) from Binance. The interesting aspect of this move lies in its timing and strategy. Whale first deposited 15,883 ETH to Binance on August 2 at a price of $1,875. Then, as the market fell, the whale gradually withdrew (bought back) ETH from Binance. The whale has withdrawn a total of 24,337 ETH (approximately $41.2 million) since August 16, with an average price of $1,693.

These whale movements continue to fascinate the crypto community, revealing the power and influence that major players have in the market. As the cryptocurrency world remains dynamic, these movements provide valuable information about the strategies and sentiments of these crypto giants. As altcoin projects continue to take off, investors and enthusiasts will follow these developments closely.

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