A major whale in the crypto world has drawn attention for making an extraordinary profit from SPX tokens on the Solana network. Earlier this year, the whale invested $48,400 to accumulate 19.15 million SPX tokens, and to date, they have made a staggering $14 million profit. However, the whale still holds 15 million SPX tokens, causing concerns in the market about future price movements. At the same time, another whale who sold PEPE Coin to purchase SPX tokens has also made significant gains. So, what was the strategy behind these moves, and what should SPX investors expect next?
Turning $48,400 Into $14 Million
According to a report from Lookonchain, this whale began purchasing SPX tokens in early 2024 on the Solana network. The total cost of the tokens was just $48,400, but over time, the value of SPX surged, delivering an astonishing 289x return. The whale’s strategy of bridging SPX tokens from Solana to the Ethereum network further maximized their profits. This tactical move allowed the investor to capitalize on the token’s rising value.
A whale with 19.15M $SPX($15.7M) is selling $SPX to realize profits.
His profit on $SPX is ~$14M, a 289x return!
He spent $48.4K to buy 19.15M $SPX on #Solana between Jan 29 and Mar 21.
He then bridged all 19.15M $SPX to #Ethereum and started selling $SPX on Oct 3.
So far, he… pic.twitter.com/zLwus8gcuU
— Lookonchain (@lookonchain) October 12, 2024
Whale’s Strategy: Bridging SPX Tokens to Ethereum
In order to maximize returns, the whale started bridging SPX tokens from Solana to Ethereum and began selling them in early October. By October 3, they had already sold 4.15 million SPX tokens, receiving 708 ETH in return, valued at approximately $1.71 million. However, the whale still holds 15 million SPX tokens, valued at around $12.3 million. If the whale continues to sell, it could create price fluctuations in the SPX market.
Lookonchain’s report highlighted the potential downward pressure on SPX prices due to the whale’s sales. So far, 4.15 million SPX tokens have been sold, but 15 million remain. Investors are concerned about what could happen if the whale decides to sell these remaining tokens quickly, potentially causing a significant price drop. Analysts are closely monitoring the whale’s sales strategy, as gradual sales may help stabilize the market, whereas a large dump could have a negative impact.
A $PEPE holder dumped $PEPE and bought $SPX!
He bought 81.55B $PEPE($800K) from April 18 to May 15 and generated $120K unrealized gains.
3 hours ago, he exchanged 59.56B $PEPE($574K) for 754,943 $SPX($684K).
As $SPX rose, his net worth increased by 16%!
Address:… pic.twitter.com/bzgJG0C2r8
— Lookonchain (@lookonchain) October 12, 2024
SPX and PEPE Coin Swap: New Strategies Emerging?
The whale isn’t the only one moving into SPX. Another notable event reported by Lookonchain is a PEPE Coin investor swapping PEPE tokens for SPX. This investor had previously purchased 81.55 billion PEPE tokens for $800,000. However, just three hours ago, the same investor swapped 59.56 billion PEPE tokens for 754,943 SPX tokens. This trade resulted in a 16% increase in the investor’s net worth, signaling that SPX is attracting the attention of different strategic players.
Market Impact of Whale Movements
In the volatile world of cryptocurrency, whale movements often have a significant impact on prices, and SPX is no exception. Large-scale altcoin sales can drive prices down, while gradual sales allow the market to absorb the pressure. As investors closely watch the whale’s next moves, the future of SPX will largely depend on the actions of these large players. As always in crypto, market unpredictability remains, and investors should proceed with caution.
