Whale Realizes Nearly $212,000 Profit by Selling Almost One Million LINK Tokens Through a Collection of On-Chain Transactions
In a recent development, a large cryptocurrency investor, known only by the name Hintermann, has sold a substantial amount of Chainlink (LINK) tokens worth around $21.46 million over several decentralized exchanges (DEXs). The identity of this whale remains a mystery, as public records do not disclose their identity.
The whale's strategy, which spanned over a month, involved the sale of 938,489 LINK tokens. The sale was executed in a systematic manner, with the tokens being sold in multiple batches across various DEXs. The whale used wallets such as 1inch for these transactions.
The sale began with the whale originally acquiring the LINK tokens one month earlier at an average trading price of around $22.87. The sale concluded with a complete shift from LINK to a stable reserve, with the whale generating a realized gain of approximately $212,000.
The sale did not significantly impact the overall price of Chainlink, but it did shift the distribution of Chainlink tokens on-chain. The whale managed to convert all LINK holdings into stablecoins without causing a significant price impact.
The sale was not a one-off event. Transaction records show that the whale executed four additional transactions, involving a total of 17,811.9338 LINK and generating 405,476.7700 USDT. One recorded swap involved 19,593.1311 LINK traded for 444,847.8991 USDT, while another transaction showed 16,327.6098 LINK exchanged for 371,196.8023 USDT.
Another interesting aspect of the whale's strategy was the repetition of a trade of 7,124.7752 LINK, which generated 162,190.6800 USDT. The whale also employed a swift exit strategy, selling all tokens within minutes.
The total cost of the investment was approximately $21.25 million. After the final trade, no further activity related to the address has been observed.
Despite the whale's identity remaining a mystery, their strategic approach to selling LINK tokens has caught the attention of the cryptocurrency community. The sale serves as a reminder of the potential for large-scale transactions in the decentralized finance (DeFi) market, while also highlighting the need for transparency in the industry.
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