Crypto Whale Abruptly Crashes Price of Ethereum-Based Altcoin Swapping to Stablecoins: On-Chain Data

A deep-pocketed investor triggered a sudden price collapse of one Ethereum (ETH)-based altcoin by swapping their token holdings to stablecoins, according to on-chain data.

Blockchain tracking firm Lookonchain says that after the crypto whale sold off their large holdings of SYN, the native token of bridge protocol Synapse, the price declined from about $0.41 to $0.31 in an instant.

“Four hours ago, a whale dumped all 9 million SYN for 2.35 million USDC (USD Coin) at a price of $0.26, causing the price of SYN to drop by ~25%.

The whale received 10 million SYN ($3.4 million) from ‘Synapse: Executor 2’ wallet on April 5 and currently holds no SYN.”

Source: Lookonchain/X

Synapse is trading for $0.37 at time of writing, down 9.7% in the last 24 hours.

Next, Lookonchain noticed a whale gobbling up a large $15.9 million bag of Ethereum on crypto exchange Binance, apparently helping ETH form a bottom. After the whale’s Ethereum purchase, ETH bounced from the $1609 level and has stayed well above it since, at time of writing.

“This smart whale deposited 36M USDT to Binance 50 minutes ago and then withdrew 9,819 ETH ($15.9 million) 11 minutes ago. It seems that the whale is buying ETH at the bottom.”

Source: Lookonchain/X

Ethereum is trading for $1,637 at time of writing, up 0.7% in the last 24 hours.

The firm also noticed that the investment fund associated with the decentralized exchange (DEX) aggregator 1inch (1INCH) just bought more than 3,000 ETH at $1,625.

“Wallet spent 5 million USDT to buy 3,076 ETH at $1,625 again an hour ago. 1inch Investment Fund wallet currently holds 26.8 million USDT and 12,529 ETH ($20.46 million).”

Lookonchain previously highlighted a number of ETH transactions from the 1inch Investment Fund, including the purchase of 17,000 ETH worth $26.8 million at an average price of $1,569 across the first three months of the year.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

Leave a Reply

Your email address will not be published. Required fields are marked *