blockchainreporter.net
A high-profile crypto whale has caused quite a stir with his activities in the $GOAT community. This particular whale previously put a lot of money into $GOAT and has now moved on to $ACT, hinting at potential further gains.
After #Binance announced the listing of $ACT, a $GOAT whale spent 5,000 $SOL($1.04M) to buy 3.84M $ACT at $0.27.
— Lookonchain (@lookonchain) November 11, 2024
This whale spent 20,500 $SOL($3.44M) to buy 7.52M $GOAT from Oct 21 to Oct 23, with an unrealized profit of $2.8M!https://t.co/UKWrxDnT3a pic.twitter.com/RBZA4lBgf7
In a recent report by Lookonchain, this wallet’s owner successfully made a profitable move within a few days, demonstrating the earning potential of strategic trading in the volatile crypto market.
$3.44 Million Investment in $GOAT
Between 21 and 23 October, this whale bought 7.52 million $GOAT tokens, spending about 20,500 SOL, approximately $3.44 million. One $GOAT token is worth $0.83, so the whale has an unrealized profit of $2.8M from this asset.
Transactions of such large volume are not frequent, but they have a significant meaning as such activity implies great confidence in the token’s potential. It has attracted massive attention from different groups, including crypto enthusiasts and investors, and hence, concerns over its growth exist.
Turning Attention to $ACT Following Binance Listing
After the announcement that Binance had decided to list $ACT, the whale started to invest in this newly listed token. For an extra 5,000 SOL ($1.04M), the whale bought 3.84M $ACT for $0.27 each. This particular strategy could bring substantial profits if $ACT increases in value as expected because of its listing on one of the biggest cryptocurrency platforms in the world, Binance.
Potential Market Impact of Whale Activity
Such large-scale investments do have significant impacts on tokens and their prices in particular. Due to a total trading amount of over $4.48 million in both $GOAT and $ACT, the whale’s actions could contribute to elevated trade volumes and price fluctuations since other traders may mimic the actions of such individuals in the market.
On the other hand, the presence of whales brings some risks in terms of price fluctuations since prospects of disposing of such large quantities can also erode confidence in the market.
Unrealized Profits and Strategic Investments
Currently, $GOAT and $ACT have become profitable for the whale, with millions of unrealized profits pointing to the possibility of smart and well-timed targeted investments. That way, this whale appears to be profiting from trends and market events, including Binance’s listing of $ACT. Analysts will also be looking at whether the whale will continue accumulating the assets for long-term appreciation or sell them, which will influence the short-term price performance of both tokens.