In a remarkable transaction over the past 12 hours, a whale-level cryptocurrency wallet sold 4.64 million Virtuals Protocol (VIRTUAL) tokens, netting $5.32 million in profit. According to Spot on Chain data, this sale resulted in a net gain of $3.98 million, equating to an impressive 244% return. The whale still holds 5.05 million VIRTUAL tokens in their wallet, valued at approximately $4.99 million, representing an unrealized gain of 259%.
A Risky LUNA Swap
Blockchain data reveals that the whale initially purchased 17 million VIRTUAL tokens in late October at an average price of $0.382. Shortly after, they exchanged 7.2 million of these tokens for 18.46 million Terra (LUNA).
This swap resulted in a $1.15 million loss, equating to a 39% decrease in value. If the whale had retained all the VIRTUAL tokens instead of swapping for LUNA, their total profits could have reached $16.1 million.
This situation highlights the delicate balance between strategic gains and costly decisions in the volatile altcoin market.
Significant Potential in Remaining VIRTUAL Tokens
Despite the misstep with LUNA, the whale’s wallet still holds 5.05 million VIRTUAL tokens, currently worth around $9 million. Analysts from Spot on Chain suggest that selling these holdings could significantly boost the whale’s overall returns.
However, the LUNA swap underscores how volatility in the cryptocurrency market presents both lucrative opportunities and inherent risks for investors.
Conclusion
The whale’s actions exemplify how strategic decisions can yield massive profits while also showcasing the challenges of navigating the altcoin market. For more updates on the latest crypto trends and whale movements, visit Dey There.
cryptocurrency whale, VIRTUAL tokens, Spot on Chain, altcoin market
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