An unknown whale trader with a 100% positive track record has been aggressively buying Ethereum (ETH) for months, according to blockchain tracking firm Lookonchain.
Lookonchain claims that a “smart money” whale with a perfect track record of closing profitable trades has accumulated nearly $70 million worth of ETH since late May.
On-chain data shows that the whale is accumulating ETH from Binance, the world’s largest cryptocurrency exchange.
“Smart investors with a 100% success rate bought 2,424 ETH ($7.22 million)…
He bought 19,436 ETH ($68.25 million) at $3,511 since May 29!
However, Ethereum is now significantly below the trader’s average entry point, as ETH is currently trading at $2,271, down nearly 20% over the past day.
Lookonchain also spotted an early investor in the Solana (SOL)-based memecoin dogwifhat (WIF) taking profits after making $24 million in gains.
The company claims that a series of addresses likely belonging to the same entity made huge profits from their initial WIF investment and at one point grew by nearly 13,000X.
“Five wallets (possibly belonging to the same person) were sold for 14.53 million WIF ($24 million) (a few hours ago)!
Unbelievably, this guy bought 14.53 million WIF on November 30, 2023, and the cost was only $5,340!
It achieved a return of 4,497x!
If he had sold at the higher price, he would have made a profit of over $69 million, a return of 12,927x!
At the time of writing, WIF is trading at $1.31, down nearly 18% in the past 24 hours.
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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Animedigitalart
