Cryptocurrency whales suffered heavy losses after receiving the VIRTUAL airdrop
An on-chain analysis shows that the whale/institutional player who spent 10 million USDC to buy VIRTUAL Tokens suffered a loss of 6.54 million USD, despite receiving an airdrop valued at around 1.61 million USDC. This volatility has drawn significant attention in the cryptocurrency investment community and highlights the potential risks of free Token distributions.
Details of transactions and losses of VIRTUAL whales
In December last year, this whale spent 10 million USDC to acquire 4.251 million VIRTUAL Tokens, at an average price of 2.35 USD per Token. By January, due to holding a large amount of VIRTUAL, the whale received 101,000 VVVs Tokens through an airdrop. This Token was quickly sold off, bringing in 1.61 million USDC.
However, market signals reversed when the whale decided to sell all 4.251 million VIRTUAL Tokens in March at an average price of only 0.56 USD per Token. This was the main reason for the whale's loss of up to 6.54 million USD, despite earnings from the airdrop.
Withdrawal actions and market impacts
Recently, a whale cleaned out their wallet and transferred 3.46 million USDC to the Coinbase exchange, signaling a potential capital withdrawal or portfolio restructuring. This move could impact selling pressure in the VIRTUAL market in the short term.
This event highlights the importance of technical analysis and risk management when participating in new cryptocurrency projects or receiving airdrops. Investors need to be cautious of strong price fluctuations and should not rely too much on free Token distributions as they do not guarantee sustainable profits.
Conclusion
Cryptocurrency whales do not always win, even when receiving valuable airdrops. The volatility and instability of the VIRTUAL Token have led to huge losses. Investors need to stay alert, diversify their assets, and always monitor on-chain behavior to protect their capital.
Detailed information on transactions, metrics, and on-chain developments is a valuable real-world lesson for the cryptocurrency community in their investment journey and risk mitigation.
Source: https://tintucbitcoin.com/ca-voi-vn-mat-trieu-do-ban-re/
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