Date: Mon, Oct 14, 2024, 04:55 AM GMT
The cryptocurrency market kicked off this week with a bang, riding the wave of the so-called "Uptober" rally. Bitcoin (BTC) has soared past the $64,000 mark, now trading at $64,239, gaining 2.26% in the past 24 hours. This bullish momentum has also boosted several altcoins and memecoins, including SPX6900 (SPX), which has seen a meteoric rise in recent days.
Source: Coinmarketcap
In the last 24 hours, SPX is up 4.454%, trading at $0.8862 despite some profit-taking by whales. The token has surged 137% in the past 7 days, adding to its staggering 3300% rally over the last 30 days, fueled by high demand from whales and retail investors.
Whale Cashes Out with $6.44M Profit
A report from Spotonchain revealed that one whale, who invested $153,000 to acquire 7.793 million SPX between July 31 and August 15, has now begun selling. With the recent price surge, this investor has already secured a 42x return, turning the initial investment into a massive $6.44 million profit.
Source: Spotonchain (X)
The whale sold 793,092 SPX for $687K, exchanging it for 280.5 ETH, leaving 7 million SPX tokens—currently valued at $5.91 million—in the wallet. The selling activity, which began 11 hours ago, signals potential profit-booking among large holders.
Will the Rally Continue?
With SPX trading at $0.8657, it recently faced rejection after approaching the $1.00 mark, hinting at profit-taking pressure. As SPX's rally has been heavily driven by whale activity, increased selling could trigger a major correction.
Source: Dexscreener
However, if the bullish momentum holds and the token manages to break above the $1.00 resistance, a new upside rally could be on the horizon. Investors are now watching closely to see if the ongoing whale activity signals the end of the rally or just a temporary pullback.
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Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making any investment decisions.
