In a series of intriguing moves that have caught the attention of the crypto community, three separate whales recently deposited significant amounts of various altcoins to Binance. These actions attracted attention and led to speculation about the intentions behind such important transfers.
Whale movement attracted attention for altcoin FRONT
Monitoring by Lookonchain revealed a surprising move by a whale who had been patiently holding 7 million FRONT tokens worth approximately $1.33 million for eight months. In a sudden decision, the whale decided to transfer these tokens to Binance within the last eight days. As a result of this strategic maneuver, a total of 7 million FRONT tokens were invested, worth approximately $3.08 million, with an average purchase price of $0.44. The result? A staggering profit of approximately $1.75 million was made, and the crypto community is both confused and curious about the reasons behind this calculated decision.
A whale who withdrew 7M $FRONT($1.33M at the time) in January finally saw a price increase after holding $FRONT for ~8 months.
Then deposited 7M $FRONT ($3.08M) to #Binance at an average price of $0.44 over the past 8 days, making a profit of ~$1.75M.https://t.co/QeLyiUcdB5 pic.twitter.com/532qNw9lpL
— Lookonchain (@lookonchain) September 27, 2023
AXS also took its place on Binance
On the same day, The Data Nerd’s observations detected another significant transaction. One address on the hashed chain deposited 67,460 AXS tokens, equivalent to $304,000, to Binance at an average price of $4.56. This deposit comes just five months after the same address received 416,600 AXS tokens, equivalent to approximately $2.83 million. The rapid and large deposit of AXS tokens raises questions about the investor’s perspective on the native currency of this popular Blockchain game.
1 hour ago, @hashed_official deposited 67.46K $AXS ($304K) to #binance at $4.56.
They received 416.6K ($2.83M) vesting $AXS 5 months ago. pic.twitter.com/lBoh4CcxCv
— The Data Nerd (@OnchainDataNerd) September 27, 2023
10 million MATIC transferred to Binance
The excitement of the crypto market did not stop there. Spot on chain monitoring reported that a whale address starting with “0x11a” deposited 10 million MATIC tokens worth $5.17 million to Binance just 12 hours ago. These tokens were purchased at an average price of US$0.517. What adds another layer of intrigue to this story is that the same whale recently acquired a staggering 21 million MATIC tokens from Coinbase Custody, worth $11 million. Additionally, it must have been purchased from Internal Wallet between 13-28 September. These tokens were obtained from the Polygon (MATIC) Foundation Agreement in 2022, when 125 million MATIC tokens flowed to the whale’s address. Despite these significant transfers, the whale still holds 11 million MATIC tokens worth approximately $5.6 million.
🚨 Whale 0x11a deposited 10M $MATIC to #Binance at $0.517 ($5.17M) 12hrs ago.
Notably, the whale received 21M $MATIC ($11M) from #Coinbase Custody: Internal Wallet 0xf1b between Sep 13 and 28, which in turn received 125M $MATIC that ultimately came from Polygon (Matic):… pic.twitter.com/1Ww7lq5WWT
— Spot On Chain (@spotonchain) September 27, 2023
In the fast-paced world of cryptocurrencies, these latest whale movements have attracted attention not only because of their financial impact, but also because of the questions they raise. What drives these whales to make such significant transactions and how might they impact the broader crypto market? The crypto community is on alert as always, ready to scrutinize every move and speculate on what the future may hold for these crypto assets.
