In an extraordinary display of trading expertise, a crypto whale has earned $16.8M in unrealized gains. As per Lookonchain, a popular on-chain analytics firm, the whale invested in $FRED and $Pnut to pocket $16.8 million within seven days. The on-chain analytics provider revealed this development on its official social media account.
This whale earned $16.8M on $Pnut and $FRED in just one week!On November 6, the whale spent 11,582 $SOL($2.14M) to buy 17.35M $Pnut, with an unrealized profit of $14.18M; spent 3,550 $SOL($657K) to buy 68.97M $FRED, with an unrealized profit of $2.65M.https://t.co/Gn9OPw7V4X pic.twitter.com/nG6gQR6hZf
— Lookonchain (@lookonchain) November 13, 2024
Crypto Whale Gets $16.8M in Profit over Seven Days after Making a Heavy Investment
Lookonchain pointed out that these profits result from a heavy investment that the whale made back on the 6th of November. On that day, the whale leveraged Solana ($SOL) as the chief currency for crypto trades. The whale first developed an exclusive wallet and deposited a huge amount of $SOL tokens for high-stake purchases. Following that, he spent up to 11,582 $SOL (equaling $2.14M) to purchase 17.35M $Pnut tokens at a per-coin price of $0.12.
This bold decision has earned remarkable unrealized gains of almost $14.18M, signifying a massive price spike in $Pnut throughout the week. Moreover, the whale used 3,550 $SOL (approximately $657,000) to get 68.97M $FRED coins at $0.0095 as the average price. The respective investment yielded $2.65M in unrealized gains despite being minor in scale. Cumulatively, both trades place the unrealized profit of the whale to a massive $16.8M within days.
The Incident Discloses Crypto Sector’s Potential for Big Returns and Volatility
According to Lookonchain, these swift gains highlight the crypto market’s potential for substantial returns and volatility. It also reminds the community of the likely financial risks dealing with analogous high-stakes moves.
