The moves of an altcoin whale attract attention in the cryptocurrency world. In addition, the price has also had a significant impact. Accordingly, in a series of significant transactions, a mysterious whale identified with the address starting 0x171c53 recently deposited large amounts of Compound (COMP) altcoin to the Binance exchange. This notable activity is generating interest in the crypto community as it appears to be affecting the price of COMP. Let’s look at the details.
Altcoin whale trades lead to price fluctuations
The whale, known for its previous altcoin COMP token sales, is on the agenda again. Transferred 27,116 COMP tokens to Binance today with an average purchase price of $40.45. The value of the transfer is approximately $1.1 million. It is noteworthy that this move follows consistent deposits made over the past week. It should also be noted that the whale transferred COMP tokens to various cryptocurrency exchanges at an average price of $40.31. It is also noteworthy that it has reached a total value of $ 3.74 million since September 9.
What is noteworthy is that with each transfer made by this whale, there was a decline in the price of the altcoin COMP. At the time of writing, the COMP token is trading at $39.11. Despite these transfers, the whale still holds 28,268 COMP tokens worth approximately $1.12 million.
A closer look at Balina’s trading history
The whale, whose short address is 0x171c53, is an active participant in the COMP market. On the other hand, it has completed two significant trading cycles. The first cycle took place between October 11 and November 4, 2022. During this time, the whale accumulated a total of 101,582 COMP tokens at an average price of $53.3. Additionally, its total value was $5.41 million. Later, the whale sold 99,637 altcoin COMP tokens worth $4.78 million at an average price of $47.99. This first cycle resulted in a net loss of approximately $529,000.
The second trading cycle started on July 28, 2023. Also, it’s still ongoing. During this time frame, the whale collected a total of 138,752 altcoin COMP tokens from Binance at an average price of $49.04, reaching assets of $6.80 million. However, it is estimated that he lost $795,000 in this transaction. On the other hand, the outcome of this cycle appears to be less favorable for the whale.
It affected the altcoin price
The activities of this whale in the altcoin COMP market attract attention. It also shows the potential for significant movements to impact the token price. On the other hand, it continues to be closely watched by traders and investors.
When we look at Kriptokoin.com, it is noteworthy that the mysterious whale constantly deposits altcoin COMP tokens to Binance. It also raises questions about their potential impact on the value of tokens. As the crypto community observes this ongoing activity, the dynamics of the altcoin COMP market remain intriguing and open to interpretation.
