Tuesday, September 26, 2023

Dealer Who’s Made Over $3,000,000 on Polygon Since July Goes Lengthy on Rival ETH Layer-2 Undertaking: On-Chain Knowledge

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A crypto investor who pocketed thousands and thousands of {dollars} from buying and selling Polygon (MATIC) goes lengthy on a competing Ethereum (ETH) layer-2 challenge.

New knowledge from blockchain-tracking agency Lookonchain reveals {that a} deep-pocketed dealer who began shopping for MATIC final July when it price simply $0.50 has just lately bought $2.24 million price of layer-2 scaling resolution Arbitrum (ARB) utilizing 1,057 ETH.

In response to Lookonchain, the actions of the crypto whale are price monitoring as his earnings exceed $7.3 million.

“A wise whale purchased 1.49 million ARB with 1,057 ETH ($2.24 million) immediately, with a mean shopping for worth of $1.50.

This whale is nicely price maintaining a tally of.

Traded a complete of 23 tokens, of which 15 tokens are worthwhile, with a win fee of 65%.

The whole revenue exceeds $7.3 million.”

Supply: Lookonchain/Twitter

ARB is buying and selling for $1.70 at time of writing, a 19% improve over the past 24 hours.

The agency goes on to elaborate extra on the high-net-worth investor’s buying and selling historical past, displaying how they profited thousands and thousands by not solely swapping MATIC, but in addition the token that powers the Treasure Metaverse (MAGIC), crypto staking resolution Lido (LDO) and blockchain-based lending platform TrueFi (TRU).

The on-chain knowledge reveals that the whale purchased a complete of 15.73 million MATIC at a mean worth of $0.64 and offered them for a mean worth of $0.84, making over $3 million within the course of.

The dealer additionally bought 2.91 million MAGIC at a mean worth of $0.74 a couple of months. If offered at present costs, they’d revenue $2.12 million.

Different swaps made by the rich dealer in 2023 embrace 1.09 million LDO purchased from Binance at a worth of $1.20 and later offered for $2.20 for a revenue of $1.09 million and 23.5 million TRU purchased from Binance at a mean worth of $0.07 and later offered for $0.10 for a revenue of about $643,000.

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