A Deep-Pocketed Investor Causes a Sudden Price Collapse of an Ethereum-Based Altcoin
According to on-chain data, a deep-pocketed investor has caused a sudden price collapse of an Ethereum-based altcoin by exchanging their token holdings for stablecoins. The blockchain tracking firm Lookonchain reports that after this crypto whale sold off their substantial SYN holdings, the native token of the Synapse bridge protocol, the price instantly dropped from $0.41 to $0.31.
The Whale’s Massive Sell-Off of SYN Tokens
Lookonchain reveals that just four hours ago, the whale sold all 9 million SYN tokens for 2.35 million USDC (USD Coin) at a price of $0.26. This caused the price of SYN to decrease by approximately 25%. The whale had received 10 million SYN ($3.4 million) from the ‘Synapse: Executor 2’ wallet on April 5th but currently does not hold any SYN tokens.
1inch Investment Fund’s Ethereum Purchases
Lookonchain previously highlighted several ETH transactions from the 1inch Investment Fund. The fund recently bought over 3,000 ETH at $1,625, spending 5 million USDT. The wallet currently holds 26.8 million USDT and 12,529 ETH ($20.46 million). Earlier this year, the fund purchased 17,000 ETH worth $26.8 million at an average price of $1,569 throughout the first three months.
Hot Take: A Whale’s Actions Can Cause Waves in Crypto Markets
This incident highlights the influence that deep-pocketed investors can have on cryptocurrency markets. The sudden sell-off of a significant amount of tokens by a whale triggered a dramatic price collapse. It serves as a reminder that individual actions can have a significant impact on the overall market, and investors should remain cautious and vigilant.
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