A prominent crypto trader who has previously made an incredibly successful trading movement has lost considerable money by selling $EIGEN tokens at a big hit. The Lookonchain report showed that an intelligent whale with 3.37T $PEPE tokens worth $31.44 million has sold 772K $EIGEN tokens at a loss. This looks like a misstep for an otherwise savvy trader in the world of cryptocurrencies.
A smart whale with 3.37T $PEPE($31.44M) is selling $EIGEN at a loss!On Oct 3 and 4, the whale spent 1,360 $ETH($3.24M) to buy 909K $EIGEN at $3.56.Then sold 772K $EIGEN for 988.5 $ETH($2.39M) at $3.1.The whale currently holds 139.8K $EIGEN($449K) and has lost $407K.… pic.twitter.com/5wdbCOmuOl
— Lookonchain (@lookonchain) October 6, 2024
Whale’s EIGEN Loss: A Significant Blow
On October 3rd and 4th, the whale decided to put funds into $EIGEN, buying 909K $EIGEN tokens for 1,360 ETH or $3.24 million on average of $3.56 each. But just days after that, the whale sold 772K $EIGEN tokens for 988.5 ETH ($2,39M) at $3.10 per token, marking a significant loss.
The drastic reduction in the price of $EIGEN adversely affected the whale, moving on to selling and thus resulting in a loss of $ 407K of the unrealized value of the asset. The remaining number of $EIGEN tokens owned by the whale is 139.8K, which are valued today at $449K. This has made many traders and investors wonder what caused the whale to sell at such a loss or whether other market forces influenced the sale.
The Whale’s Impressive Past Trades
In the recent past, this whale has been trading successfully. For instance, the whale made $60M from PEPE, a gain of 1203% in a couple of months. Successful trades in other tokens have also been impressive. It generated $5.8 million (+288%) on $ONDO and $1.85 million (+72%) on $BEAM to reaffirm its position as a very tactical player in the market.
But What Will It Mean For Whale?
Although this EIGEN loss might not sit well with the whale’s recent trading activities, it shows how unpredictable the cryptocurrency market is. Successful trading is not easy even for expert traders with outstanding past performance in the trading business; they can also experience significant losses, especially when there is a fast switch in market trends. Nevertheless, the $PEPE tokens are still safe at the moment and worth more than $31M.
For now, the question remains: given this $EIGEN loss, will this trader return to the same position as before and continue to dominate all the available markets as it has done in the past? In any case, they will attract the crypto community’s attention as traders attempt to track the movements of $EIGEN and other tokens in the whale’s portfolio.
