A crypto whale has reportedly swapped all $SPX positions for $DOGE (Dogecoin), making a major shift in its portfolio. This bold decision was made just in the past two days as the investor, while securing a profit of approximately $920K for $6.2 million, sold a massive 10.6 million $SPX. The news is revealed through an X account of Lookonchain, an on-chain analytical platform.
A whale changed all $SPX positions to $DOGE in the past 2 days!He sold all 10.6M $SPX for $6.2M, making a profit of ~$920K.Then he spent $6.2M to buy 13.95M $DOGE($4.88M currently), with a loss of $1.33M!Address:0x64843213ddc682c328d14bade67c663e879dfa86… pic.twitter.com/dnU4mbWuct
— Lookonchain (@lookonchain) November 15, 2024
Crypto Whale’s Big Bet on $DOGE Sparks Investor Interest
Crypto Whale uses the entire $6.2 million from the $SPX sale to purchase 13.95 million $DOGE, an equally notable move. However, on this investment, Crypto Whale has already incurred a loss of $1.33 million as the current value of $Doge is around $4.88 million. Despite this loss, as the crypto market heats up particularly, the Crypto Whale’s high-profile trade is fueling speculation among investors.
Is Dogecoin the Next Big Winner in the Bull Run?
The timing of this massive transaction coincides with the growing optimism in the crypto market, spurred by Trump’s victory. Many analysts believe that the market, with several altcoins, including Dogecoin, is entering into a bullish phase. Investors’ sentiments have surged while Dogecoin is experiencing a rapid price increase. With these sentiments, $DOGE has become a hot topic among crypto enthusiasts as a result.
The decision of Crypto Whale to invest in Dogecoin suggests that the altcoin could continue to pump in the coming weeks. It is not surprising that investors are flocking to $DOGE because the market is showing strong signs of a bull run. Following the lead of Crypto Whale, the crypto market continuously evolving. Now, all eyes will be on $DOGE to whether it can sustain its upward momentum in the bull run.
