Altcoin Whale Redeems 2,280 $SOL and 2.91M $SLERF from Gate.io

Crypto whales have frequently been influencing the market for a considerable time. A prominent on-chain analytics provider Lookonchain recently disclosed such an event where a whale redeemed 2,280 $SOL and 2.91 million $SLERF from the crypto exchange Gate.io. The analytics platform took to its official X account to reveal this development.

A whale withdrew 2.91M $SLERF($923K) and 2,280 $SOL($378K) from #Gateio 7 hours ago.

Then he spent 2,281 $SOL($378K) to buy 1.17M $SLERF.

He has bought 11.9M $SLERF($4.09M) at an average price of $0.3432 since Apr 25 and currently has a loss of $266K.https://t.co/iPhacIO4Vr… pic.twitter.com/Z12mCZOVG3

— Lookonchain (@lookonchain) June 4, 2024

A Whale Extracts 2,280 $SOL and 2.91M $SLERF Tokens from Gate.io

As per Lookonchain, the whale carried out the respective withdrawals just seven hours back. It added that the worth of the $SLERF tokens that the whale withdrew equals up to $923K. On the other hand, $SOL tokens have a worth of up to $378K. The on-chain analytics provider also mentioned that the whale made some expenditure from the above-mentioned tokens.

In addition to this, the on-chain analytics platform pointed out that the whale spent approximately 2,281 $SOL tokens. These tokens equal $378K in terms of worth. The whale reportedly spent these coins to purchase $SLERF. According to Lookonchain, the whale purchased up to 1.17 million $SLERF tokens. The buyout of such a huge number of $SLERF raises eyebrows.

The Whale Experiences a Loss of Nearly $266K

This event reportedly paves the way for several speculations. As Lookonchain puts it, the whale has been purchasing the $SLERF tokens for quite a time. The on-chain analytics firm asserted that the whale has been accumulating the tokens since the 25th of April. It has reportedly purchased 11.9 million $SLERF tokens with a worth of almost $4.09 million up till now. At present, the whale has gone through a loss of up to $266K.

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