Developers Traded Huge Amounts in Two Major Altcoins: One Sold, One Bought

Large transactions made by whales in the cryptocurrency market in recent hours have attracted attention.

According to tracking based on on-chain data by crypto analyst AI Yi, the $PUMP team's wallet transferred a total of 20.15 billion $PUMP tokens to various exchanges in the last two hours. The transaction details are as follows:

• Gate.io: 6.41 billion tokens (2.5 billion estimated to be Launchpad distribution)
• Bybit: 5 billion tokens
• Address believed to be Kraken: 7.5 billion tokens
• Address named 2XQbX…iNrPm: 1.25 billion tokens

While the ownership of the last two addresses has not yet been determined, they are most likely owned by exchanges.

According to Onchain data, the 1inch team's investment address deposited 2 million $USDC to centralized exchanges (CEX) today. Previously, the team had withdrawn 6.33 million $1INCH tokens from exchanges. Since July 6th, they have spent 3.43 million $USDC on-chain to purchase 13.23 million $1INCH and transferred 7.97 million USDT to Binance, directing 32.41 million $1INCH tokens to withdrawal addresses. During this period, the price of $1INCH increased by 100%, from $0.18 to $0.36.

Having spent a total of $13.64 million since February, the fund has acquired 55.85 million $1INCH at an average price of $0.244, and has now generated a profit of $5.13 million.

*This is not investment advice.