In a set of interesting transactions, a smart cryptocurrency whale has been able to make an $8 million profit by using the $WIF token in several trades. Lookonchain, a blockchain analytics firm, captured the whale’s moves to understand better how the whale is operating given the current fluctuations in the market to make massive profits.
Whale’s Strategy in WIF
According to Lookonchain, this specific large investor purchased 9.8 million $WIF tokens for $15.05 million at an average price of $1.53 per token between August 30 and September 2. The whale was able to sell all the 9.8 million tokens at $2.35 on the 29th of September as the memecoin soared to new heights. This proved to be a good exit strategy as it generated a total of $23.06M and yielded a net profit of $8M.
Recent Withdrawal from Binance
This whale has withdrawn 6.9M $WIF tokens, which are equivalent to $15.87M, from the Binance exchange. The withdrawal took place a few hours ago, leaving traders and observers wondering about the next move of this crypto whale. Currently, traders and investors are paying close attention to this whale’s account to see what they intend to do with $WIF after successfully executing $WIF trades in the past.
Market Impact and Price Movement
A short-time analysis of whale trading activity has been correlated with notable changes in the $WIF price, suggesting the ability of such market-makers to manipulate the prices. From the token price chart, it can be seen that there was a significant jump on September 29, which corresponds to the time when the whale sold a large number of tokens. Since then, the memecoin has been rather volatile, but the current price of $2.34 clearly shows that there is good and stable support here.
This latest transaction demonstrates how skilled whales act strategically and benefit from such trading by making the most of an increase in prices. Currently, the $WIF tokens are back in the whale’s wallet, and the crypto community is curious about the next development in this interesting plot.
Source: https://blockchainreporter.net/strategic-moves-in-wif-token-generate-8m-profit-for-crypto-whale/