A crypto investor who pocketed hundreds of thousands of {dollars} from buying and selling Polygon (MATIC) goes lengthy on a competing Ethereum (ETH) layer-2 challenge.
New knowledge from blockchain-tracking agency Lookonchain reveals {that a} deep-pocketed dealer who began shopping for MATIC final July when it value simply $0.50 has just lately bought $2.24 million price of layer-2 scaling resolution Arbitrum (ARB) utilizing 1,057 ETH.
In response to Lookonchain, the actions of the crypto whale are price monitoring as his earnings exceed $7.3 million.
“A wise whale purchased 1.49 million ARB with 1,057 ETH ($2.24 million) at this time, with a median shopping for value of $1.50.
This whale is effectively price maintaining a tally of.
Traded a complete of 23 tokens, of which 15 tokens are worthwhile, with a win price of 65%.
The whole revenue exceeds $7.3 million.”
ARB is buying and selling for $1.70 at time of writing, a 19% improve over the past 24 hours.
The agency goes on to elaborate extra on the high-net-worth investor’s buying and selling historical past, displaying how they profited hundreds of thousands by not solely swapping MATIC, but additionally the token that powers the Treasure Metaverse (MAGIC), crypto staking resolution Lido (LDO) and blockchain-based lending platform TrueFi (TRU).
The on-chain knowledge reveals that the whale purchased a complete of 15.73 million MATIC at a median value of $0.64 and bought them for a median value of $0.84, making over $3 million within the course of.
The dealer additionally bought 2.91 million MAGIC at a median value of $0.74 just a few months. If bought at present costs, they’d revenue $2.12 million.
Different swaps made by the rich dealer in 2023 embrace 1.09 million LDO purchased from Binance at a value of $1.20 and later bought for $2.20 for a revenue of $1.09 million and 23.5 million TRU purchased from Binance at a median value of $0.07 and later bought for $0.10 for a revenue of about $643,000.
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