A Warning for Altcoin Investors: Early Whale Investor Sells Off Majority of Tokens
Recent data from Onchain reveals that a prominent early investor in a certain altcoin has unloaded most of their tokens.
Cryptocurrency analysis firm Lookonchain announced that a significant whale investor has divested their holdings in an altcoin. The whale in question began selling off their tokens in the meme coin called BEER, raking in a total profit of $1.3 million.
The whale initially invested $50k in Solana during the BEER altcoin presale, receiving 3.38 billion tokens in return. Subsequent transactions saw the whale acquire an additional 1.86 billion BEER tokens by selling off $192,000 worth of the BONK meme coin. The data also indicates that the whale made a profitable sale by offloading 240 million tokens for $120,000 after BEER was listed on Gateio.
Today, the giant whale has offloaded nearly all of its BEER tokens, selling $4.6 billion worth and pocketing $1.34 million. Despite the massive sell-off, the whale still holds 400 million BEER tokens valued at $109,000 in their wallet. Overall, the whale has netted a profit of $1.3 million from these trades.
Please note that this information is not investment advice.
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