The Ripple Effect of a Crypto Whale’s Actions on Ethereum and Solana Networks 🐋
A significant crypto whale made waves over the weekend by investing heavily in altcoins within the Ethereum ecosystem, following the approval of spot Ethereum exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).
Ethereum Altcoin Accumulation 📈
- The whale bought Ethereum just above the $3,000 mark before news of the likely ETH ETF approval.
- Reports show the whale spent 26.67 million USDT to purchase 8,733 ETH at $3,054.56, with an unrealized profit of approximately $6 million.
- After the SEC’s approval of form 19b-4 for ETH ETFs, the whale shifted focus to altcoins within the Ethereum ecosystem.
- The whale invested $24.7 million in Ethereum-based tokens, with an unrealized profit of around $1.1 million.
- Specific altcoins included Lido (LDO), Uniswap (UNI), Aave (AAVE), Ethereum Name Service (ENS), and Fraxshare (FXS).
- The whale further diversified by depositing funds on Binance and withdrawing significant amounts of various altcoins.
Exploring the Solana Network 🌌
- A separate whale was identified conducting transactions on the Solana (SOL) network.
- The whale shifted holdings towards Dogecoin (DOGE) competitor, dogwifhat (WIF).
- Investing 17,966 SOL ($2.98 million) to acquire 953,177 WIF at $3.13 in a short time span, causing a 7% price surge in WIF.
- Previously, the whale bought and sold WIF at profitable rates, showcasing strategic trading moves.
Currently, WIF is trading at $2.99, reflecting market fluctuations and investor sentiment.
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Closing Thoughts on Crypto Whales 🐳
As whales make substantial moves in the crypto market, their actions have a ripple effect on various networks and assets, impacting prices and investor sentiment. Observing whale activity provides valuable insights into market trends and potential opportunities for traders and investors alike.
The post Whale Spends $24,700,000 on Ethereum Altcoins After SEC Approves Listing of Spot ETH ETF: On-Chain Data appeared first on The Daily Hodl.
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