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Whale Achieves 64.2% Profit on $ENA Sale

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by Giorgi Kostiuk

3 months ago


A cryptocurrency investor known as '0x687' successfully sold 4.96 million $ENA tokens on the Binance exchange, making a profit of $2.38 million from the transaction.

Investor Strategy

The whale invested in $ENA on May 10, 2024, and began withdrawing tokens from Binance. Over 206 days, they purchased 5.97 million $ENA with an average price of $0.75 per token, with a total investment of $4.46 million. Instead of trading, they chose to stake their coins, profiting as the $ENA's price rose.

Profit and Unrealized Value

The sale earned the whale $2.38 million in profit, equating to 63.93% of their initial investment. Notably, they still hold tokens with an unrealized value of approximately $464,353, showcasing their rational financial management.

Market Impact

Whales usually cause significant market fluctuations, but $ENA has maintained its price despite the massive sell-off, thanks to high market sentiment and future profitability expectations. This investor activity highlights the importance of staking and trading in the crypto world, demonstrating classic speculative behavior: buying low and selling high.

These actions underscore the value of analytics tools like Spot On Chain for tracking whale movements in real-time. Observing such movements can help traders and investors adapt to the market and anticipate likely price changes.

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