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A mysterious whale identified by the short address 0x171c53 deposited large amounts of Compound ($COMP) altcoin to Binance over the past week.
The whale, known for his previous sales in the $COMP token, transferred 27,116 $COMP ($1.1 million) to Binance at an average price of 40.45 earlier today. According to the data, the whale in question has been transferring $COMP to cryptocurrency exchanges at a price of $ 40.31 ($ 3.74 million in total) since September 9.
Data shows that there is a decline in the price of the token after each transfer of the whale. At the time of writing this article, $COMP price is trading at $39.11. The whale currently has 28,268 $COMP ($1.12 million) tokens staked.
The whale with short address 0x171c53 has been active in the $COMP market for some time and has completed two significant trading cycles. The first cycle lasted from October 11 to November 4, 2022, during which the whale accumulated a total of 101,582 $COMP at an average price of $53.3 ($5.41 million) and sold a total of 99,637 $COMP at an average price of $47.99 ($4.78 million). This resulted in a loss of $529 thousand (-9.78%).
The second trading cycle started on July 28, 2023 and is still ongoing. During this period, the whale reaccumulated a total of 138,752 $COMP from Binance at an average price of $49.04 ($6.80 million). It is thought that the whale lost $795,000 from this transaction.
*This is not investment advice.