Massive Whale Withdraws From Binance, Ethereum Gaming Altcoin Soars
An Ethereum-based gaming altcoin experienced a significant surge in value after a crypto whale moved a massive amount of the project’s tokens off an exchange. According to on-chain data from Lookonchain, ImmutableX (IMX), a layer-2 scaling solution, saw a 20% increase as a result of the whale’s actions.
The whale withdrew 4.3 million IMX (equivalent to $9.6 million) from Binance on Monday. It appears that this whale owns six related wallets and currently holds approximately 40.54 million IMX ($90.8 million) in total.
At the time of writing, IMX is trading at $1.98, reflecting a 3.8% decrease in the last 24 hours.
SATS Skyrockets After Binance Listing Announcement
Lookonchain also observed a surge in SATS (Ordinals) following an important listing by leading global crypto exchange Binance. The price of SATS has increased by approximately 120% since the announcement.
On-chain data reveals that the top 20 holders of SATS possess 333.3T SATS, equivalent to $150.8 million or 15.90% of the total supply. Additionally, six of these top holders obtained SATS through minting, acquiring around 78.57 million SATS ($35.5 million).
Currently, SATS is trading at $0.000000515075, reflecting a 123.4% increase in the last 24 hours.
HashKey-Suspected Wallet Suffers Loss After Moving Ethereum to Binance
In another development, Lookonchain reported that a wallet suspected to be associated with HashKey abruptly transferred a substantial amount of Ethereum to Binance, resulting in a loss. The wallet deposited a total of 17,108 ETH (equivalent to $38.1 million) after the price of ETH experienced a significant drop, resulting in a loss of over $2 million.
As of now, Ethereum is trading at $2,187, indicating a 1.4% decrease in the last 24 hours.
Hot Take: Whales Make Waves in the Crypto Market
The recent movements by crypto whales have caused significant ripples in the market. The withdrawal of a massive amount of tokens by a whale from Binance led to a surge in value for an Ethereum gaming altcoin. Similarly, the announcement of a Binance listing resulted in a substantial increase in the price of SATS. However, not all whale actions have been successful, as evidenced by the HashKey-suspected wallet’s loss after moving Ethereum to Binance. These events highlight the influence and impact that whales can have on the crypto market, causing significant fluctuations in prices and creating opportunities for profit and loss.
By
By
By
By
By
By