In a significant recent development for the world of cryptocurrency, a crypto investor popularly known as a ‘whale’, splashed a staggering $24.7 million on Ethereum-based altcoins. This major move was made shortly after the U.S. Securities and Exchange Commission (SEC) approved the listing of a spot Ethereum exchange-traded fund (ETF).
The whale’s activities were closely monitored by Lookonchain, a blockchain tracking firm. According to the data provided by them, the investor took a calculated risk by securing a large sum of Ethereum when it was slightly over $3,000, just before whispers of a possible ETH ETF approval started making rounds.
After the SEC greenlit the ETFs, this crypto spender turned buyer. He began purchasing altcoins linked to the Ethereum ecosystem, including names like Lido (LDO), Uniswap (UNI), Aave (AAVE), Ethereum Name Service (ENS) and Fraxshare (FXS). The whale’s smart and timely movements in the crypto market resulted in an impressive unrealized profit of approximately $7.1 million.
The blockchain analytics firm further reported that a whale on the Solana (SOL) network gambled on potential Dogecoin (DOGE) competitor, Dogwifhat (WIF). This action led to a remarkable ~7% price increase for the WIF token.
Cryptocurrency markets continue to remain volatile and unpredictable. However, these whale movements might suggest potential opportunities for individual investors willing to navigate these choppy crypto-waters. As of now, WIF is trading at approximately $2.99.