HomeCoinsEthereumCrypto Whale Abruptly Crashes Worth of Ethereum-Based mostly Altcoin Swapping to Stablecoins:...

Crypto Whale Abruptly Crashes Worth of Ethereum-Based mostly Altcoin Swapping to Stablecoins: On-Chain Information

A deep-pocketed investor triggered a sudden worth collapse of 1 Ethereum (ETH)-based altcoin by swapping their token holdings to stablecoins, in response to on-chain information.

Blockchain monitoring agency Lookonchain says that after the crypto whale bought off their giant holdings of SYN, the native token of bridge protocol Synapse, the value declined from about $0.41 to $0.31 instantly.

“Four hours ago, a whale dumped all 9 million SYN for 2.35 million USDC (USD Coin) at a price of $0.26, causing the price of SYN to drop by ~25%.

The whale received 10 million SYN ($3.4 million) from ‘Synapse: Executor 2’ wallet on April 5 and currently holds no SYN.”

Image
Supply: Lookonchain/X

Synapse is buying and selling for $0.37 at time of writing, down 9.7% within the final 24 hours.

Subsequent, Lookonchain noticed a whale gobbling up a big $15.9 million bag of Ethereum on crypto change Binance, apparently serving to ETH kind a backside. After the whale’s Ethereum buy, ETH bounced from the $1609 degree and has stayed properly above it since, at time of writing.

“This smart whale deposited 36M USDT to Binance 50 minutes ago and then withdrew 9,819 ETH ($15.9 million) 11 minutes ago. It seems that the whale is buying ETH at the bottom.”

Image
Supply: Lookonchain/X

Ethereum is buying and selling for $1,637 at time of writing, up 0.7% within the final 24 hours.

The agency additionally noticed that the funding fund related to the decentralized change (DEX) aggregator 1inch (1INCH) simply purchased greater than 3,000 ETH at $1,625.

“Wallet spent 5 million USDT to buy 3,076 ETH at $1,625 again an hour ago. 1inch Investment Fund wallet currently holds 26.8 million USDT and 12,529 ETH ($20.46 million).”

Lookonchain beforehand highlighted a variety of ETH transactions from the 1inch Funding Fund, together with the acquisition of 17,000 ETH price $26.8 million at a mean worth of $1,569 throughout the primary three months of the 12 months.

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Supply: https://dailyhodl.com/2023/09/05/crypto-whale-abruptly-crashes-price-of-ethereum-based-altcoin-swapping-to-stablecoins-on-chain-data/

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