The crypto market is going through a profit-taking wave as the major whales are capitalizing on $ai16z. As per Lookonchain, a whale has recently sold all the 2.27 million $ai16z tokens, getting a profit of $4.47 million. The on-chain analytics provider disclosed this development on social media.
Crypto Whale Pockets $4.47M by Selling 2.27M $ai16z Tokens
Lookonchain mentioned that the whale sold up to 2.27M $ai16z tokens at an average price of $2.14 to collect $4.47M. The whale carried out this move only a few hours back. The respective development paved the way for a staggering 1,008% profit. Such a massive $ai16z sell-off points toward a likely significant market movement.
Market Sees $ai16z Offloading Trend as Big Holders Engage in Profit-Taking
The whale has sold off the above-mentioned $ai16z holding amid a trend of $ai16z offloading by big holders. In line with the market data, a couple of holders have already sold $ai16z tokens in substantial amounts. In this respect, one of these whales, going by “CAR4F9…7XHT” sold nearly 1.14M $ai16z tokens. In return for this amount, the whale reportedly purchased 10,856 $SOL (accounting for $2.25 million). At present, the whale has 285K $ai16z left, denoting $568K.
Increased $ai16z Sell-Offs Trigger Concerns about Likely Outcomes
In addition to this, the other whale, going by “6C6wA…MLxE” sold approximately 1.03M $ai16z tokens for almost 2.49M $USDC. As a result of this, the whale currently possesses 3.42M $ai16z tokens. This amount equals $6.8M. According to Lookonchain, this profit-taking activity by the $ai16z whales raises concerns about the potential outcomes like further corrections or market stability.
