A significant event unfolded in the cryptocurrency arena as a major whale sold 416.8 million “cat in a dog’s world” (MEW) coins, realizing a remarkable profit. According to a report by Lookonchain, the transaction, completed on November 29, resulted in the whale earning 16,270 SOL, translating to approximately $3.94 million in total profit. The whale’s systematic buying approach since July 15 allowed for a profit margin of $1.52 million from this lucrative sale.
How Did the Sale Affect the Market?
This transaction stirred considerable activity within the cryptocurrency market. The whale’s divestment of MEW coins significantly influenced the altcoin’s market supply. Despite some price fluctuations following the sale, the whale’s profits remained unaffected.
What Investment Strategy Led to Success?
The whale utilized a systematic buying strategy to acquire the MEW coins, holding them for over four months before capitalizing on a price increase. This strategic approach highlights how seasoned investors navigate the market to optimize their returns.
- The whale earned a total of $3.94 million from the sale.
- MEW coins were purchased using a structured buying method aimed at reducing price volatility.
- The transaction has drawn attention from the investment community due to its significant market implications.
Currently, MEW coin trades at $0.009461, reflecting a 1.04% decrease over the past day. Following the whale’s sale, the altcoin has been on a downward trajectory, highlighting the impact of such large transactions on market dynamics.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/whale-profits-from-massive-mew-coin-sale