As the crypto market steadily returns to its full potential, bullish momentum is leading to new highs and lucrative gains for investors. In a recent standout case, a savvy crypto whale turned a $1.2 million investment into an impressive $9.36 million using the PENDLE altcoin.
Whale Profits Big with PENDLE Altcoin
This major investor leveraged the PENDLE project to secure substantial gains amid Bitcoin’s recent rise to a new ATH at $89,000. Following Bitcoin’s surge, some analysts are now eyeing $100,000 by year’s end. Meanwhile, the crypto market is riding high, with Bitcoin now ranking as the eighth-largest asset globally.
The Trade Breakdown: Long-Term Holding Pays Off
According to popular crypto analytics platform Spotonchain, this whale’s impressive returns were the result of patience and strategy. The investor initially bought 1.595 million PENDLE tokens between July 29 and November 11, 2023, spending $1.2 million at an average price of $0.752 per token. Over the course of the year, PENDLE’s value surged by over 400%, bringing the total value of the holdings to $8.16 million. Recently, the whale sold 1.295 million PENDLE for $7.61 million, while retaining 300,000 tokens, valued at around $1.7 million. Altogether, this move resulted in a total profit of $8.16 million or a 680% return.
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Spotonchain summarized this transaction: “A whale achieved $8.16 million in profits (6.8x gain) over the last 9 hours by selling 1.295 million PENDLE for $7.61 million.”
Altcoin Surge Amidst Broader Market Rally
Beyond PENDLE, the whale’s portfolio holds various crypto assets, collectively amounting to unrealized gains worth $7.676 million. PENDLE remains among the market’s most sought-after tokens, with a market cap of $945.88 million. The token price recently hit $5.78, reaching a three-month high and marking a 40% rise in the past week. However, it still trails its all-time high of $7.52 by about 23%.
As The Bit Journal continues to monitor these market dynamics, it’s clear that calculated moves and long-term holding strategies are paying off handsomely for some investors.
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