A crypto whale has received widespread attention after earning a huge profit by accumulating massive amounts of Chains of War (MIRA) and Fartcoin (FARTCOIN) tokens. The whale swapped $69,100 for MIRA tokens and $12,200 for FARTCOIN tokens, marking a tremendous 1030% return on his initial investment.
The whale made $13.36 million in profit
According to crypto analyst Data Nerd, today, Dec.26, the whale swapped $69,100 for 10.3 million MIRA tokens. At that time, the investment appeared small, but a few hours later the crypto market shifted and caused gigantic gains on the coins. Currently, his MIRA coins are worth $657,000 and he has not sold any.
Meanwhile, two months ago, the trader swapped $12,200 for 17.31 million FARTCOIN tokens. A few days later following the price increase, he sold 4.77 million FARTCOIN tokens and subsequently earned an incredible $1.2 million profit.
Today, the whale still owns 12.54 million FARTCOIN tokens worth $12.16 million. Out of these transactions, the trader currently possesses an estimated profit of $13.36 million with a 1090x return. This highlights how smart investors take advantage of the rapid movements of crypto markets.
Data Nerd’s report underscores the significance of market timing in crypto investing. The trader’s mastery to purchase at a low value and sell at a higher price led him to make a fantastic profit.
Whales have made substantial moves in the last week of December, purchasing a wide range of cryptocurrencies. This purchasing frenzy highlights their rising confidence in altcoins, potentially fueled by speculative opportunities.
Investor enthusiasm around alternative cryptocurrencies has remained robust, with MIRA and FARTCOIN catching the eyes of big investors and smart buyers alike.
MIRA and FARTCOIN price analysis
While MIRA’s price is currently bullish, up 5.9% over yesterday, it has been down 34.9% in the last seven days. Its price has been bearish, currently trading at $0.0416 at press time.
On the other hand, FARTCOIN price is also down 15.8% in the last 24 hours with a decline of 7.6% in the past seven days. However, the altcoin reached a new all-high time of $1.29 on Dec 20, six days ago, currently hovering at $0.9983.
The reasons behind the price increases of these altcoins and consequent corrections are dynamic. Despite experiencing bullish momentum, most crypto assets are currently undergoing significant price consolidation majorly because of the Fed’s recent update of its fiscal policy. Last week, the central bank reduced lending rates by 0.25%. However, the finance regulator signaled fewer rate cuts next year leading to discouraged investor sentiment and negative reactions from risky assets, including stocks and crypto.
Regardless of the ongoing bearish trend, some savvy investors and traders are purchasing potential altcoins, expecting a future bullishness in the digital asset markets. They are purchasing MIRA and FARTCOIN at their current low prices, anticipating massive profits when the markets resurge.
