On 22nd Apr, a whale made a major shift, as 0x5AC identifies. The whale purchased 2.9 million $0M tokens in March. The valuation exchanged was $18.7 million. The average entry price for each token was $6.45.
But that’s not the whole scene here. Just two days before the real deal, the whale deposited 1.724 million $0M tokens. The valuation of the same could be $1 million. The deposit was made through Binance.
However, not all tokens were sold at a predetermined price. In case that happened, the whole would have made a loss of about $10.11 million. That would have meant a negative ROI of over -91%
# The Last Update
According to a latest update, The whale has a net volume of 1.173 million tokens. The value of the same can reach upto $595,000. However, that means that the unrealized loss is about $6.97 million.
The movement triggers a generous potential of all-over bearish sentiments in the market for $ 0 M. Meanwhile, more whales can step in and fluctuate the market position with large transactions.
# Implications of Whale Actions
Binance received a fresh investment of 1.724 million tokens from whales this morning. It could have easily created an artificial selling pressure in the market.
However, the price at the time of the deposit was $0.58 for each token. It marks a sharp drop from the average entry price when the whale stepped in. Back then, the price was $6.45.
# Other Effects
Promptly after the deposit, $0M’s trading volume rose to 12.5 million tokens on Binance. What’s more interesting is that the same effect took place within just 24 hours after the deposit.
This spike is 400% higher than the average daily volume of 3.1 million tokens. Look out for other similar whale activities in the future as well!
