According to cryptocurrency onchain data, an unidentified whale is accumulating an altcoin that is also traded on Binance.
A Crypto Whale Is Accumulating Massive Amounts of SHELL
Data reveals that the crypto whale in question purchased 2.89 million MyShell (SHELL) tokens worth a total of $880,000 hours ago.
The whale wallet has been observed to have accumulated 15.04 million SHELL tokens worth a total of $4.37 million since March 13. According to the latest data, this whale's unrealized profit from SHELL purchases so far is $442,000. The whale wallet purchased its tokens for an average of $0.291.
As an interesting detail, MyShell developers recently said that market makers can use their stablecoins to buy SHELL tokens. The amount was not disclosed in the announcement, and the repurchase address was not disclosed either. With the recent purchases, it is thought that the whale in question may be connected to these repurchases. However, there is no clear information yet.
*This is not investment advice.