After an impressive rally of over 300% that pushed its price to $0.50, $PHA has seen a sharp decline, losing 34% of its value in just 30 days.
The recent dip has sparked discussions within the crypto community, especially due to the involvement of a significant whale address.
Whale Sells Off $PHA for $2 Million Profit
A whale wallet, identified as 0x663…17Aef, is believed to have liquidated its $PHA holdings, totaling 18.3 million tokens, which it had steadily accumulated over the past nine months. This strategic move reportedly earned the investor a hefty profit of $2.015 million.
Accumulation at Low Prices
Between March and July 2024, the wallet consistently withdrew $PHA from Binance at an average cost of $0.1818. Interestingly, the whale seemed to adopt a “buy-the-dip” strategy, purchasing more as prices fell, which allowed it to amass a significant position.
Final Sell-Off Locks In 60.56% ROI
Just half an hour before the latest price correction, the whale transferred 14.1 million tokens—accounting for 77% of its total holdings—back to Binance. This final recharge was executed at a price of $0.3428, securing an overall return on investment of 60.56%.
https://twitter.com/ai_9684xtpa/status/1875399006702203020
Market Impact
The whale’s actions have highlighted the influence of large investors on $PHA’s price movements. The timing of this significant sell-off, following $PHA’s meteoric rise, raises questions about market stability and the behavior of major players in the crypto space.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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