A multisign wallet associated with “lemmasolutions. eth” has recorded an impressive amount of $1. 87 million in profit from $ENA token trading in just four days as per SpotOnChain. This wallet has been regularly withdrawing $ENA tokens from Gate. io exchange since May 17 and made a withdrawal just about 17 hours prior to a massive price spike.
Lucky or Insider? Multisign linked to "lemmasolutions.eth" is making $1.87M (+19%) from $ENA in just 4 days!This multisign has withdrawn a total of 13.86M $ENA from #Gate.io since May 17, with the latest withdrawal done 17 hours ago, right before the price soared • Avg… pic.twitter.com/7ejvvXDNQj
— Spot On Chain (@spotonchain) May 21, 2024
$ENA Token Value Rises 19% After Strategic Withdrawals
Specifically, the wallet has withdrawn a total of 13. 86M of $ENA tokens. The average entry price for these tokens was $0.731 which equated to an estimated $10.13 million. The value of $ENA tokens has also seen a significant spike with the tokens being sold at $12 million gaining a 19% rise in the value of their tokens.
This raises eyebrows in the cryptocurrency industry since the timing of the latest withdrawal just before the price spike is spot-on. The question remains whether this was the case and whether the trades were made using inside-information.
Crypto Community Awaits Outcome of Wallet Scrutiny
For this reason, considerable growth in such a short period has not gone unnoticed by market followers and regulators who are now scrutinizing this wallet’s performance. This situation only demonstrates that cryptocurrency trading needs to be regulated to prevent dubious trading practices.
The community then sits tight waiting for any irregularities or unfair undertakings to be revealed as the process unfolds. On the other hand, the high role of ‘lemmasolutions. eth’ remains an interesting topic among traders and analysts.