In recent cryptocurrency news, large-scale transactions by altcoin whales are making waves in the market. According to data from Lookonchain and Spot On Chain, significant token transfers including significant amounts of ILV, ETH, and GRT took place on Binance and KuCoin on July 4. Here are the details…
Are whales starting to sell their altcoin projects?
Starting with the ILV token, Lookonchain data revealed that a giant whale address identified as 0x36aE recently transferred 25,669 ILV tokens. These tokens were unlocked three days ago and were worth approximately $1.2 million. The data also showed that this particular address is constantly selling unlocked ILV tokens on trading platforms. This transaction highlights the activities of large-scale traders in the cryptocurrency market.
Spot On Chain data reports that in a separate transaction, an ETH Smart Trader address sent 3,000 ETH to Binance, worth approximately $5.87 million. Address has made significant gains by trading ETH on Binance. It generated a notable $4.49 million return on investment (ROI) of 46.07%. This transfer highlights the lucrative nature of cryptocurrency trading and attracts traders who want to take advantage of market opportunities.
GRT transactions attracted attention
Also, Lookonchain has revealed another notable development involving the tracking GRT token. A giant whale address starting with “0xde32” has deposited 6 million GRT tokens on Binance in the last seven hours, which equates to approximately $776,000. Whale also sold 750,000 GRT tokens on a decentralized exchange (DEX) using a separate wallet, earning around $100,000. Currently, whale wallet has about 3.22 million GRT tokens worth about $416,000 and has committed 25.3 million GRT tokens worth about $3.25 million. Also, two other giant whale addresses deposited 6.8 million GRT tokens on KuCoin just ten hours ago, equivalent to about $886,000.
What do these actions indicate?
These notable transactions point to the presence of key players in the cryptocurrency market. Whales have the potential to influence token prices and market dynamics with their substantial assets. The activities of these players often attract the attention of other traders and investors because their actions can signal trends or provide insight into market sentiment. As the cryptocurrency market continues to evolve, the existence of these whale transactions is a reminder of the unique dynamics at play.
While their activities may have short-term effects on token prices, it is important to remember that overall market sentiment and the long-term fundamentals of each token are key drivers of value. We will see how these whale trades will affect the market in the coming days.
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