Giant Whale Wakes Up: Sells Off AI Altcoin on Coinbase

A large cryptocurrency investor, known as a whale with the short address 0x3c1, recently made a significant move by depositing 1.94 million Render (RNDR) tokens, worth .8 million, into Coinbase. This action comes after a period of dormancy lasting 10 months.

The whale had previously withdrawn these RNDR tokens from Coinbase at an average price of .39, spending an estimated total of .63 million between June 3-27, 2023. If the whale were to sell these tokens now, they could potentially make a profit of around .15 million, representing a 327% increase on their initial investment. At present, the whale no longer holds any RNDR tokens.

In a separate development, a multisig wallet with the short address 0xf39, believed to be either an investor’s wallet or linked to the project, sold 1 million APE tokens, valued at .91 million, for 538.04 ETH at an average price of .90. This transaction was completed within the past 1.5 hours through an intermediary wallet with the address 0x382.

Interestingly, multisig 0xf39 had recently acquired a total of 7 million APE tokens. These tokens were initially distributed from three “Apecoin: Token Distributor” wallets two years ago and had passed through several intermediary wallets before reaching multisig 0xf39 on March 5, 14, and 30, 2024. This suggests that multisig 0xf39 likely belongs to an investor or the project itself.

Since March 6, 2024, multisig 0xf39 has sold 5.09 million APE tokens, equivalent to .75 million, for 2,859.2 ETH at an average price of .11. Following each wave of selling, the price of the tokens has mostly decreased. Currently, multisig 0xf39 retains 1.91 million APE tokens, worth .67 million, of which 953 thousand APE tokens, valued at .85 million, are staked.

It is essential to note that this information is not intended as investment advice.

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