Crypto Alert: Massive SNX Whale Dump Worth $4 Million Shakes Market
Massive SNX whale dump shocks crypto markets. Analysis of the move, losses, and subsequent LINK investment. Stay tuned for updates.
In a sudden and significant move reported by Lookonchain, a crypto whale recently dumped a staggering 2,015,264 $SNX tokens on the Binance exchange, causing a stir in the crypto market. This massive sell-off amounted to a loss of approximately $785,000 for the whale.
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The story began on May 18, when this particular whale invested a hefty $4.9 million in USDT to purchase the aforementioned 2,015,264 $SNX tokens at a price of $2.44 per token. However, the whale’s strategy took an unexpected turn as they decided to offload their SNX holdings, only to acquire 569,907 $LINK tokens valued at $4 million.
Interestingly, before this transaction, the whale had previously invested $1.41 million to purchase 174,138 $LINK tokens. Unfortunately, they eventually had to sell these tokens at a reduced price, resulting in a loss of approximately $227,000.
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