Anonymous Whale: $4M Profit Streak
An anonymous whale address (0x47…5005) has made a substantial withdrawal of 11,231 Maker (MKR) tokens from the popular cryptocurrency exchange Binance. The transaction, valued at $12.3 million, is suspected to have triggered a short-term surge in MKR’s price. This significant move comes on the heels of a series of withdrawals by the same whale, who has been quietly accumulating profits in recent weeks.
2/ The whale withdrew 905,934 $UNFI($5.14M) from #Binance at $5.67 and deposited 155,934 $UNFI($1.46M) to #Binance at $9.38.
And currently holds 750,000 $UNFI($7M), the profit is ~$3.3M. pic.twitter.com/VTtWbuD56l
— Lookonchain (@lookonchain) September 4, 2023
$4M Profit Streak
According to Lookonchain, a blockchain analytics platform that tracks large transactions and whale activities in the crypto space, the aforementioned whale has been actively managing their portfolio on Binance. Notably, the whale had withdrawn significant amounts of other tokens, including UNFI, LPT (Livepeer), and TRB (Tellor), since August 23, accumulating profits estimated to be over $4 million.
The withdrawal of 11,231 MKR tokens from Binance raised eyebrows within the crypto community due to its sheer magnitude. MKR, the native token of the MakerDAO ecosystem, plays a pivotal role in the decentralized finance (DeFi) space. Its price often responds to market activities, especially when large quantities are moved in a single transaction. As a result, the sudden withdrawal by this whale appears to have caused a short-term increase in MKR’s price, attracting attention from traders and investors.
Unmasking Crypto Whales
The actions of this particular crypto whale have been closely monitored by crypto enthusiasts and analysts, who have been speculating about the individual or entity behind the address 0x47…5005. The anonymous nature of cryptocurrency transactions makes it challenging to identify the true identity of such whales, adding an element of mystery to these large-scale movements.
Read More: Bitbrowser Hackers Transfer $386,000 ETH
While the short-term impact on MKR’s price is evident, the long-term implications remain uncertain. Cryptocurrency markets are known for their volatility, and the actions of large whales can influence market dynamics significantly. Traders and investors will be closely watching the market in the coming days to gauge the full extent of the whale’s influence on MKR and other tokens.
