A recent report on cryptocurrency showed exemplary case of 'smart money' wallet making profit with cryptocurrency. The case relates to a whale who made $214,000 by selling Gains Network (GNS) and GMX (GMX) tokens. Initially, this anonymous investor purchased 41,302 GMX tokens from Binance at $74 each, costing a total of $3.05 million. He then sold them on the Uniswap DEX at $79 per coin, making a net profit of 1,696 Ethereum amounting to $2.26 million in total.
For GNX tokens, the investor purchased them from Binance paying $8.36 per coin and sold them later for $6.86. This earned him 211 Ethereum (or $405,000), resulting in a net loss of approximately $88,000.
In a separate case of similar 'smart money' wallet, an investor bought 5,104 GMX tokens with 404,403 USDC at $79.24 within 4 hours, then followed by buying and selling 1,645 GMX tokens ultimately earning a profit of approximately $7,000. The wallet had also purchased 8,403 GMX tokens from the October-January period at a rate of $36 per GMX token and sold them in January and February at a rate of $53 per token, resulting in a profit of $141,000.
GMX is currently trading at $79.18 and GNS is trading at $6.79, as per CoinMarketCap information. These cases provide a proof of the growing popularity of cryptocurrency as an investment asset of choice, primarily owing to its volatility and unregulated character which provides a viable option even to the riskier investors.
Angelica Morris
- 2023-04-11
A Whale Investor's Profit Through Investing in Gains Network and GMX Tokens
Get insights into an exemplary case of a whale investor who made profits investing in Gains Network (GNS) and GMX tokens with initial investments of $3.05 million and $404,403 respectively.
