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A dormant whale has made a significant move, transferring 25,790 $AAVE tokens (worth $3.38 million) to the MEXC exchange after holding them for 1.5 years, according to blockchain tracking service Spot On Chain. The transaction has sparked interest in the crypto community, as it follows a period of price growth for the asset.
A dormant whale just deposited all 25,790 $AAVE ($3.38M) to #MEXC for profit after 1.5 years of holding.
— Spot On Chain (@spotonchain) November 5, 2024
The whale originally bought 27,263 $AAVE for $2.12M (avg buy price: $77.75) from April to June 2023. An hour ago, the whale unloaded 25,790 $AAVE ($3.38M) at $131.16,… pic.twitter.com/3RrJqdiRTI
Whale Buys $AAVE for $2.12M, Sells for $3.38M Profit
The whale initially bought 27,263 $AAVE across April to June of 2023 for $2.12 million with the average price of $77.75 per token. At the time of purchase, $AAVE was cheaper than other similar coins. Currently, the whale has traded 25,790 tokens for 131.16$ per token which can make a profit of 1,385,100$, which is 68.7% of the result.
If the whale is actually selling, then this is a great time to exit at such a high price level. A total of 1,473 $AAVE tokens are still in the possession of the whale, and if the situation is as described above, the whale might sell these at some time in the future. The sale comes at the right time as the price of $AAVE has been rising in the past few months, and there is a growing focus on DeFi tokens.
Long-Term Crypto Strategy Pays Off for Whale with $1.38M Profit
This transaction, highlighted by Spot On Chain, is a good reminder of the benefits of the long-term investment strategies in the context of the cryptocurrency market. The whale’s profit is a perfect example of the unpredictability of crypto assets and the advantages of timing the sale of the asset. But it also concerns the market behavior, as such transactions can shift the sentiment in the market, especially if it is mid or small cap assets such as $AAVE.