Ethereum (ETH) Whale Amasses Close to $100 Million in Under Two Months During Market Correction
A significant crypto investor, known as a whale, has been observed amassing nearly $100 million worth of Ethereum (ETH) within a span of under two months during a market correction, as per data from Lookonchain, a blockchain analytics company.
The whale in question, identified by an Ethereum address starting with “0x78D07,” purchased over $4.7 million worth of Ethereum on a recent Friday, contributing to its existing stash of almost $100 million in ETH.
Since May 24th, this whale has accumulated 37,800 ETH, equivalent to $99 million, with an average purchase price of $2,420, resulting in an unrealized profit of $7.5 million.
Lookonchain also highlighted another “smart money” whale with a flawless track record of profitably closing trades, having accumulated approximately $70 million in ETH since late May. On-chain data indicates that this particular whale has been acquiring ETH from Binance, the world’s largest cryptocurrency exchange.
The whale with a 100% success rate in trades bought 2,424 ETH ($7.22 million) and acquired 19,436 ETH ($68.25 million) at $3,511 since May 29th.
At the time of reporting, the value of Ethereum stands at $2,551, reflecting a 3% decline in the past 24 hours.
While some whales are accumulating Ethereum, Lookonchain noted that a high-net-worth investor has opted to cash out profits from an Ethereum-based memecoin. This investor recently sold their remaining 395.92 billion PEPE tokens, valued at $3.4 million, on Binance, securing a total profit of $5.06 million, representing a 199% return.
As of the latest data, PEPE is trading at $0.00000785, experiencing a nearly 9% decrease in value over the day.
In conclusion, the crypto market continues to witness notable movements by whales, with some strategically accumulating assets like Ethereum while others choose to realize profits during market fluctuations. These actions provide insights into the dynamics of large-scale crypto transactions and their impact on the broader market.
