DailyBubble News
DailyBubble News

Here’s How This Ethereum Whale Made $16 Million From A Single Trade

An Ethereum whale recently made $16 million from a single trade involving the second-largest crypto token by market cap. This highlights how conviction in an investment can be very rewarding in the crypto space.

On-chain analytics platform Lookonchain revealed that the whale withdrew 12,906 ETH ($24.39 million) from Binance when the crypto token was trading at $1,890 a year ago. With Ethereum now trading at around $3,100, the whale’s ETH investment is now worth over $40 million, resulting in a profit of about $16 million.

Interestingly, the trader deposited those tokens in the staking platform Lido when withdrawing them from Binance last year, earning significant staking rewards alongside the $16 million profit. The whale recently withdrew 7,000 ETH ($21 million) from Lido back to Binance, which could impact Ethereum’s price if those tokens are offloaded.

Tron’s founder, Justin Sun, is another Ethereum whale accumulating significant returns on his ETH investment. Sun’s wallets have amassed 295,757 ETH ($891M) at an average price of $3,014, with potential profitable moves in the future.

The current bull run in the crypto market presents various opportunities for traders and investors, including meme coins. Reports have shown traders turning small investments into millions, showcasing the potential for significant returns in this market cycle.

Before the bull run, memes were anticipated to be a leading narrative, as seen with Solana meme coin traders turning small sums into millions. This market trend has allowed for impressive returns on investments, emphasizing the profitability of meme coins.

In conclusion, the crypto market is full of opportunities for those willing to take risks and invest with conviction. Conducting thorough research before making investment decisions is crucial, as investing always carries inherent risks.

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