A crypto whale has grabbed market attention after gaining a huge profit by moving a large amount of the SPX6900 (SPX) meme coin to Bybit.
According to data reported today by market analyst Onchain Lens, the whale deposited a whopping 2.53 million SPX tokens worth $4.55 million into Bybit, making a profit of $4.46 million.
Whale Sells $2.53 Million Worth of SPX Tokens
In the past, the whale acquired 13.34 million SPX tokens from Bybit and other wallets, spending $19.47 million, as per data.
Today, he sold part of his holdings – 2.53 million SPX tokens valued at $4.55 million into Bybit, earning a remarkable return of $4.46 million. This demonstrates the power of token holding and embracing patience in the market.
He still holds 6.357 million SPX tokens, valued at $11.44 million, in three different wallets, showing his confidence in the asset.
This huge profit not only highlights SPX’s profitability but also shows the significance of market timing in crypto investing. The investor’s capability of buying at a low price and selling at a higher one led to an impressive profit.
SPX Market Updates
However, a deposit of such a huge amount of tokens is likely to cause SPX prices to drop. This appears to be true as SXP’s value today experienced a slight drop of 0.4%, currently standing at $1.80. During the same period, the token’s trading volume fell by 53.10% from yesterday, indicating a reduced participation from users compared to the previous day.
This minor price drop was possibly triggered by token sales and inherent volatility in the crypto market. Despite the fall, the meme coin reached a new ATH of $1.94 four days ago, on July 16, indicating the strength of the asset’s bullishness. Its price has been up 21.4%, 49.3%, and 38.1% over the past seven days, two weeks, and one month, respectively, highlighting its market rally.
Although the market displays indicators of short-term overheating, the long-term uptrend remains strong.
Capital allocations into the derivatives market and huge accumulation in the spot market have catalysed this significant surge. Though a short-term consolidation is likely, technical signals show that the long-term price rise potential remains intact.
The meme coin is one of the most profitable cryptocurrencies. Today, SPX’s price is up 7702.9% over the past year, showing its strong profit capability much powerful than many prominent cryptocurrencies.
