Accurate Trader Gathers Ethereum During Price Dip: Lookonchain
An unidentified whale trader boasting a flawless trading record has been actively amassing Ethereum (ETH) for several months, as per data from Lookonchain, a blockchain monitoring company.
Lookonchain has observed a “smart money” whale with a flawless history of closing profitable trades accumulating nearly $70 million worth of ETH since the end of May. The on-chain data reveals that the whale has been acquiring ETH from Binance, the world’s largest cryptocurrency exchange.
The whale trader made a significant purchase of 2,424 ETH ($7.22 million) and subsequently acquired 19,436 ETH ($68.25 million) at an average price of $3,511 starting from May 29. However, the current price of ETH stands at $2,271, marking a nearly 20% decline from the trader’s average entry point.
Meanwhile, Lookonchain also identified an early investor in the Solana (SOL)-based meme coin dogwifhat (WIF) who decided to cash in after generating $24 million in profits. The monitoring firm noted that a cluster of addresses likely linked to the same individual realized significant gains from their initial WIF investment, with one wallet achieving a remarkable 13,000X return.
The individual purchased 14.53 million WIF for just $5,340 on November 30, 2023, resulting in a 4,497x return. If the investor had sold at the peak price, they could have made over $69 million, translating to a 12,927x return. At the time of reporting, WIF was trading at $1.31, down nearly 18% in the past 24 hours.
It is evident that these whale traders are making strategic moves within the crypto market, showcasing their ability to capitalize on market fluctuations and generate substantial returns. The crypto market continues to be a hotbed of activity for such traders, with opportunities for significant gains and losses unfolding rapidly.
