Cryptocurrency market is active as $TOSHI increased by almost 90% after listing on several centralized exchanges (CEXs). Data onchain shows that one of the whales (possibly with three wallets) took advantage of the surge and made a profit of about $1.415 million.
Whale Moves 7.25B $TOSHI Into Coinbase
Blockchain analytics site Onchain Lens announced a deposit of 7.25 billion $TOSHI tokens in to Coinbase by three wallets probably under the control of one holder with a valuation of 6.15 million dollars.
The decision was closely following a token price boom that put the entity in a position to benefit due to the sudden influx of trading activity.
The whale had piled up the tokens months before. It is recorded that the entity had withdrawn $TOSHI equivalent of $4.738 million at Coinbase approximately two months ago, at a time when the market mood around the token was less aggressive.
The most recent deposit therefore secured a huge profit margin of over 1.4 million dollars.
Trading Activity Signals Coordinated Strategy
These wallets attached to the whale exhibit a sequence of timed transfer. The accumulation of tokens by the entity was strategic, but the transactions varied between tens of millions to over a billion $TOSHI at a time.
Large movements were done by a single address, 0xc70…d, containing transfers of 2.42 billion TOSHI, valued at $2.27 million, to Coinbase, among others, only a few hours prior. The other related addresses are 0x02…b6ad and 0xa…594.
These wallets were involved on constant withdrawals and deposits in the last two months and this strengthens the possibility of the existence of one coordinated body behind the transactions.
Market Reaction and Price Outlook
The exchange listing-driven $TOSHI rally is indicative of the increased price performance impact of token accessibility. As new funds entered the market and investors flooded in, the token briefly hit $0.0011 and settled around $0.0009.
Trading Volume spiked to indicate increased retail activity at 1.17 million that day, according to the TradingView data. The sudden increase also saw speculative traders who were keen on taking advantage of volatile situations in the short term.
Implications for Investors
Although the current rally points to possibility of speculative profits in new tokens, the activities of the whale reflect the dangers that retail investors stand. The capacity of one large entity to impact supply at exchanges can have a strong impact on short-term price stability.
Though exchange listings may give things momentum in the market, market analysts warn the dependence on a whale-driven liquidity will be problematic in terms of sustainability. In case whales keep cashing in holdings, the price corrections can be made.
Conclusion
Recent events surrounding $TOSHI indicate the two forces influencing the cryptocurrency market: greater market accessibility via exchange listing and actions of large participants. Retail investors are made to deal with the volatility as whales make profits in the millions.
