A crypto whale named ‘Yfimaxi.eth’ has made a significant move in the $FLOKI market, depositing all 17.7 billion tokens, worth approximately $2.56 million, into Binance just hours ago. This decision comes as the price of $FLOKI has started to rise, reducing his paper losses. However, despite this recovery, it seems Yfimaxi.eth no longer plans to wait for further price gains, according to Lookonchain.
Crypto Whale Deposits 17.7B $FLOKI, Reflects Shift in Strategy
Yfimaxi.eth has been a holder of $FLOKI to a significant extent, but it started losing money as the token plummeted at first. The latest hike in prices has only brought down his losses to about $2 million, though. The deposit into Binance shows a definite change in his investment plan, especially because it seems he is trying to sell off the entire asset.
It leaves people wondering about the prospects of this new market player, Yfimaxi.eth. Although $FLOKI has been on the path to rebounding, it seems that he has dumped such a significant amount that it might be due to him not believing that there is more upside from here. But having lost the whole $2m, it appears that for now he does not want to have more fluctuations and is secure in this position.
Yfimaxi.eth Exits $FLOKI with $2M Loss
Cryptocurrencies are famous for their high volatility, meaning that investors like Yfimaxi.eth may have to make quick switches in their holdings. The general market trends are at play, but this is also a less aggressive approach from him, as he decided to deposit a large $FLOKI into Binance.
Lastly, the decision of Yfimaxi.eth, reported by Lookonchain, to dump $FLOKI is strategic even though it is at the point of bouncing. His total loss on the position is now $2 million.
Source: https://blockchainreporter.net/a-crypto-whale-dumps-2-56m-in-floki-on-binance-amid-price-recovery/