In a dramatic turn of events in the cryptocurrency world, a whale has recently made a substantial deposit of $14.95 million worth of $BLUR tokens into the Binance centralized exchange. This move, reported by Spotonchain, comes amidst a backdrop of notable financial losses for the investor.

A whale just deposited 14.95M $BLUR ($2.18M) to #Binance at a huge loss!The whale withdrew most $BLUR from #OKX at ~$0.383 ($5.72M) during last November's #Blur and #Blast airdrop hype to stake the tokens. If truly selling now at $0.148, the whale would lose $3.54M (-61.9%).… https://t.co/7f9un6syaA pic.twitter.com/tUjyzP6NCw

— Spot On Chain (@spotonchain) September 2, 2024

Whale Faces $3.54M Loss After $BLUR Price Plummets from $0.383 to $0.148

The whale first took a large amount of $BLUR tokens from the OKX last November at the time when the hype around the Blur and Blast airdrops was at its peak. At that time, the token was worth about $0.383, with a total value of approximately $5.72 million. The whale’s approach was to hold these tokens in anticipation of increased market activity and better profits.

However, the market has since changed significantly. Currently, the price of $BLUR is nearly $0.148. In the event the whale sells his tokens at this low price he would suffer a loss equivalent to $3.54 million. This has brought down his overall investment value by 61.9% than the initial investment value.

Crypto Whale Misses $BLUR Sale Opportunity, Faces Greater Losses as Price Drops

Making it even more challenging, the whale unstaked his $BLUR tokens two months ago when the coin was valued at $0.209. However, the whale missed the opportunity to sell at that time and continued to hold on to its inventory, which led to higher losses as the price of ZEC plummeted further.

In conclusion, as highlighted in the case spotted by Spotonchain, it is evident that the use of cryptocurrencies is risky and is highly volatile, something that any potential investor would want to know. If he had been precise, he could have easily earned a lot of cash from these markets at that time.