A ethereum-accumulation-in-top-gear/” rel=”nofollow”>ethereal whale It was recently revealed that he made $16 million from a single trade involving the second largest crypto token by market cap. This whale's story again highlights how conviction in a bitcoin-etfs/” rel=”nofollow”>investment can be very rewarding in the crypto space.
How this ethereum whale made $16 million in a single trade
Lookonchain On-Chain Analytics Platform revealed in an x (formerly twitter) x.com/lookonchain/status/1787324001653789087″ rel=”nofollow”>mail that the whale withdrew 12,906 eth ($24.39 million) from Binance when the crypto token was still trading at $1,890 a year ago. With ethereum currently trading at around $3,100, the whale's eth investment is now worth over $40 million, meaning a profit of around $16 million.
Interestingly, his profits from this trade will likely be over $16 million, since the trader deposited those tokens into the ethereum-geth-devastating-lido-finance/” rel=”nofollow”>Lido staking platform when he removed them from Binance last year. That means he also earned significant rewards for gambling on top of his $16 million win.
On-chain data shows the whale recently retired 7,000 eth ($21 million) from Lido to Binance, but has not yet downloaded these tokens. However, this is something to watch out for, as the whale dumping those tokens could have a negative impact on the price of ethereum.
Tron founder Justin Sun appears to be another ethereum whale that could see such significant returns on his eth investment. Two wallets believed to belong to Sun are reported having accumulated 295,757 eth ($891 million) at an average price of $3,014 since February 12. Since then, Sun has made some notable moves that could pay off for him.
One of those moves is that the founder of Tron recently deposited 120,000 eETH in Swell L2, a liquid recovery protocol. Although Sun claims that this move is not aimed at making a profit, he could still reap huge profits from his company, considering that reappropriation is one of the main narratives right now.
Lockdown presents many opportunities
There have been many reports highlighting how cryptocurrency investors and traders have been changing lives, suggesting that the bull run is already in full force despite bitcoin's decline. unimpressive price action lately. One opportunity these traders have taken advantage of in this market cycle is coins memes.
Before lockdown began, there was a belief that memes would be one of the main narratives, and they have been. Bitcoinist recently reported Two Solana meme coin traders turned $6,400 into $8 million. Meanwhile, Lookonchain revealed a solarium trader who turned 60 SOL ($8,673) into $1.26 million in 2 months, earning a 144x return on his investment.
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eth price sees sharp drop | Source: ETHUSD on Tradingview.com
Featured image from Reddit, chart from Tradingview.com
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