Whale movements regarding altcoin projects in the cryptocurrency world come to the fore from time to time. Especially when movements occur, there is inevitably a fear in the market. Traders are also making preparations for these movements, which are often seen as sales waves.
Movements of altcoin whales
The actions of altcoin whales also have consequences for themselves. The market usually tells you they are making a profit. However, sometimes the situation may be the opposite. The reflection of such an action sometimes appears as harm. This indicates that there may always be a possibility of selling the whales at a loss.
Considering the increasing and decreasing movements of the Bitcoin and altcoin markets, it is natural that whale movements will result in losses. There is such a natural development today. Accordingly, a whale has moved millions in the altcoin SNX. Additionally, there is potentially thousands of dollars in damage. Let’s look at the details together.
Big whale investment in altcoin SNX
There is a notable move in an important crypto maneuver. A prominent whale recently made a move to buy 2.01 million of the altcoin SNX. Accordingly, he made a large investment of 4.91 million USDT. This strategic move took place on September 18. The whale, on the other hand, secured SNX at an average price of $2.43 per token. What is noteworthy is that the same whale transferred his entire stash of 2.01 million SNX to the Binance exchange just 20 minutes ago.
这个在 5/18 使用 491 万 USDT 以 $2.43 均价买入 201 万 SNX 的鲸鱼，在 20 分钟前将这 201 万 SNX 转入了币安。
从币安 SNX/USDT 交易量来看，应该是已经卖出部分。
如果全部出售，他的 SNX 投资应该会实现超过 $78 万的亏损(-16%)。
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— 余烬 (@EmberCN) September 23, 2023
An interesting situation arises when considering the current trading volume on the Binance SNX/USDT pair. The transaction raises questions as some of the purchased SNX tokens should have been sold by now. If the entire altcoin SNX investment were indeed liquidated, the whale would face the potential for a significant loss estimated at over $780,000. This will mean a significant reduction in the initial investment of approximately 16%.
Development attracts attention
Of course, this interesting development in the crypto market has some consequences. Accordingly, it highlights the volatility and risks inherent in digital assets. It’s a reminder that even experienced investors and major players in the Bitcoin and altcoin space are not immune to the potential volatility and uncertainty that comes with cryptocurrency investments.
On the other hand, acting with awareness of the risky environment is a reality of this market. It will benefit you to follow whale movements while making your altcoin investments. However, when we look at it as cryptokoin.com, let us say that it will not be a criterion alone in terms of price. At the time of writing, SNX price is down 6%. This is a sign that the whale has made the sale.
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