According to data shared by on-chain analysis platform Lookonchain, whales are buying VIRTUAL tokens in the cryptocurrency market.
Over the past 24 hours, two new wallets have withdrawn a total of 10 million USDC from Coinbase, using the funds to purchase 4.25 million VIRTUALs at an average price of $2.35 per token.
In addition, another major transaction attracted attention on the Ethereum network. The wallet with the address 0xcf4d…b6bc spent a total of 406 ETH (approximately $1.58 million) and purchased 664,361 VIRTUAL tokens. During this transaction, the unit price of VIRTUAL was recorded as $2.39.
VIRTUAL came to the fore this week with the listing announcement made by Binance. Binance announced that it added VIRTUALUSDT margin contracts to the exchange with a leverage ratio of up to 75 times as of December 10. According to TradingView data, VIRTUAL gained 35 percent on a weekly basis.
Whales may be expecting more upside
Analysts say that such large purchases can often be a sign of strong demand for an asset that has caught the market’s attention. When whales accumulate an asset intensively, it can signal a significant uptick in future price movements, as well as being an indicator of growing interest among market participants.