Crypto whales have long been known to have a significant impact on the market, and a recent event reported by on-chain analytics provider Lookonchain further confirms this. According to Lookonchain, a whale recently made a withdrawal of 2,280 $SOL tokens and 2.91 million $SLERF tokens from the popular crypto exchange Gate.io. The platform took to its official X account to announce this development.
Just seven hours ago, the whale withdrew a staggering 2.91 million $SLERF tokens, which amounts to approximately $923K. Additionally, the whale also withdrew 2,280 $SOL tokens, valued at around $378K. Lookonchain noted that the whale did not simply hold on to these tokens but instead made some expenditures.
In fact, the analytics platform revealed that the whale spent approximately 2,281 $SOL tokens, equivalent to $378K, to purchase 1.17 million $SLERF tokens. This significant buyout of $SLERF tokens has caught the attention of many, raising eyebrows in the crypto community.
This event has sparked various speculations, with Lookonchain highlighting that the whale has been actively purchasing $SLERF tokens for some time now. According to the on-chain analytics firm, the whale has been accumulating these tokens since April 25th, having purchased a total of 11.9 million $SLERF tokens, valued at around $4.09 million. However, despite these substantial investments, the whale is currently facing a loss of approximately $266K.
In summary, this recent withdrawal and expenditure by the crypto whale from Gate.io has shed light on the significant influence these whales can have on the market. The purchase of such a large number of $SLERF tokens has sparked speculation, while the whale’s overall investment in these tokens has resulted in a notable loss.
