In a recent transaction, a wallet linked to the Fantom Foundation, identified as 0xa51, sold 357,108 CVX tokens for 1.15 million USDT at an average price of $3.22.
This significant move in the market has brought to light the foundation’s substantial financial loss over the past two years.
Back in March 2022, the wallet invested $12 million to acquire 436,000 CVX tokens at an average price of $28 each. However, over the ensuing two years, these tokens were sold at an average price of only $3.38, yielding a total of $1.49 million.
This translates to a staggering loss of $10.7 million, or 87.8%.
A wallet linked to Fantom Foundation sold 357,108 $CVX for 1.15M $USDT in the past hour, causing the price to drop ~5%.
Notably, this wallet spent $12M to buy 436K $CVX at ~$28 in Mar 2022 and then sold the tokens over the past 2 years at only ~$3.38 ($1.49M).
That is a loss of… pic.twitter.com/DjX6Moavny
— Spot On Chain (@spotonchain) June 28, 2024
Whale Currently Holds 74,634 CVX While Price Reacts
Currently, the wallet holds 74,634 CVX, valued at approximately $240,000. The recent large-scale sale exerted downward pressure on the CVX market, causing the token’s price to drop by roughly 5%, from $3.40 to $3.22.
This episode underscores the volatility and risk inherent in the cryptocurrency market. The Fantom Foundation’s experience with CVX highlights the challenges of managing large crypto investments and the potential for significant financial loss.
For investors and market participants, this serves as a stark reminder of the importance of strategic planning and risk management in navigating the crypto landscape.
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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