A large whale is making headlines with a 289x profit-taking move in SPX tokens, a project on the Solana network. This whale, who accumulated 19.15 million of SPX earlier this year, has begun selling his holdings after bridging them to Ethereum, capturing a profit of almost $14 million.
Whale Turn $48.4k Into $14 Million
Lookonchain, a major blockchain analytics platform reports that in early 2024, around Jan 29 and March 21, this whale began to purchase 19.15 million SPX tokens on Solana for just $48,400.
However, fast-forward to October, and this investor is realizing profits after the tokens appreciated significantly, marking an impressive 289x return, netting them about $14 million in profit so far.
Whale's Profitable Strategy
To maximize gains, the whale chose a strategic path by bridging their SPX tokens from Solana to Ethereum before selling. Starting October 3, they began liquidating portions of their holdings, selling 4.15 million SPX tokens in exchange for 708 ETH, worth roughly $1.71 million.
With 15 million SPX tokens remaining, valued at about $12.3 million, the whale's continued sales have the potential to create ripple effects across the SPX market.
What's Next for SPX Investors?
As Lookonchain's report highlights, the whale's actions could place downward pressure on SPX prices if sales continue. With 15 million SPX yet to be sold, investors and analysts are closely watching how the rest of this whale's strategy unfolds.
