The Altcoin Whale Constantly Selling and Making Losses Negatively Affects the Price
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A mysterious whale identified by the short address 0x171c53 deposited large amounts of Compound (COMP) altcoin to Binance over the past week.
The whale, known for his previous sales in the COMP token, transferred 27,116 COMP ($1.1 million) to Binance at an average price of 40.45 earlier today. According to the data, the whale in question has been transferring COMP to cryptocurrency exchanges at a price of $ 40.31 ($ 3.74 million in total) since September 9.
Data shows that there is a decline in the price of the token after each transfer of the whale. At the time of writing this article, COMP price is trading at $39.11. The whale currently has 28,268 COMP ($1.12 million) tokens staked.
The whale with short address 0x171c53 has been active in the COMP market for some time and has completed two significant trading cycles. The first cycle lasted from October 11 to November 4, 2022, during which the whale accumulated a total of 101,582 COMP at an average price of $53.3 ($5.41 million) and sold a total of 99,637 COMP at an average price of $47.99 ($4.78 million). This resulted in a loss of $529 thousand (-9.78%).
The second trading cycle started on July 28, 2023 and is still ongoing. During this period, the whale reaccumulated a total of 138,752 COMP from Binance at an average price of $49.04 ($6.80 million). It is thought that the whale lost $795,000 from this transaction.
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