Crypto Whale Made $6.44M Profit on Token Sale After 42x Return

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SPX6900 (SPX) has been on a strong rise since its launch, drawing a lot of attention with its price hitting new highs. Recently, a major SPX whale made waves after cashing in on a huge profit. After buying 7.793 million SPX tokens in early August, this whale has started selling, pocketing nearly $6.44 million in gains.

Whale Nets $6.44M in SPX Sell-Off

According to data from Spot On Chain, this whale made a bold move by investing just $153,000 between July 31 and August 15, acquiring a hefty 7.793 million SPX tokens. As SPX prices soared, the whale’s gamble paid off, turning their initial buy into a remarkable $6.44 million—a 42x return. 

This massive profit shines a light on both the volatility and the earning power that cryptocurrency offers, especially for those who enter the market when prices are low.

After the recent price jump, the whale seized the moment to start cashing out. Just 11 hours before Spot On Chain’s post, the whale began unloading some SPX tokens. In this initial sell-off, they sold around 793,092 SPX tokens for an impressive $687,000, which was converted into 280.5 ETH. This strategic sale not only brought a solid return but also helped the Whale diversify their holdings.

Yet, even after this big sale, the whale still holds around 7 million SPX tokens valued at an estimated $5.91 million. This shows they are still confident in SPX’s potential, keeping a substantial stake while taking home substantial profits.

SPX Sees 300% Price Jump

As of now, SPX is trading around $0.88, with a 3.32% rise over the last 24 hours and a market cap of $813 million. Since October 3, when SPX hit $0.28, it’s seen a powerful 300% surge, making waves across the market. However, this price movement has been anything but smooth.

While many cryptos tend to consolidate and move into a clear bull phase, SPX’s climb has been choppy, with no strong wave pattern. 

Adding to the concern, the 1-hour chart’s Relative Strength Index (RSI) shows a bearish divergence. While SPX’s price is rising, RSI trends downwards, signaling a loss of confidence in the current uptrend. This divergence often hints that a reversal could be on the horizon as the buying momentum weakens.