According to blockchain tracking firm Lookonchain, an unknown whale trader with a 100% positive track record has been aggressively buying Ethereum (ETH) for months.
Lookonchain revealed that one “smart money” whale with a perfect track record of profiting from trading has accumulated around $70 million worth of ETH since late May.
According to on-chain data, whales are accumulating ETH on Binance, the world’s largest cryptocurrency exchange.
“The smart money with a 100% win rate bought 2,424 ETH ($7.22 million)…
He bought 19,436 ETH ($68.25 million) at $3,511 since May 29th!”
However, Ethereum is currently trading at $2,271, well below the average entry point for traders and down about 20% over the past day.
Lookonchain also found that early investors in Solana (SOL)-based memecoin dogwifhat (WIF) realized profits after generating $24 million in profits.
The company said a series of addresses believed to belong to the same entity had made huge returns on the amount originally invested in WIF, at one point rising nearly 13,000-fold.
“14.53 million WIF ($24 million) sold from 5 wallets (possibly owned by the same person) (hours ago)!
Amazingly, this person purchased 14.53 million WIF on November 30, 2023, for a mere $5,340!
He made 4,497x his profit!
“If he had sold at the highest price, he would have made a profit of over $69 million, a return of 12,927 times!”
At the time of writing, WIF is trading at $1.31, down about 18% over the last 24 hours.
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Featured image: Shutterstock/Animedigitalart