While the stagnant period following the recent declines in the cryptocurrency market continues, a whale wallet interestingly sold the altcoin it had been holding for a long time at a loss.
The cryptocurrency whale recently dumped approximately 2 million Synthetix (SNX) tokens onto Binance. The whale in question purchased these tokens last May at an average price of $2.4. At that time, Balina paid 4.9 million USDT for these tokens.
Whale probably made this sale at around $2.10. According to calculations, the total loss of the whale wallet from this transaction was recorded as approximately 785,000 dollars.
After the news spread that the whale dumped the SNX token on the stock market, the price of the token decreased by 5% with the sales by onchain observers and at the time of writing this article, it is trading at $ 2.
SNX, which can be considered a mid-sized altcoin with a market value of $ 540 million, has lost approximately 17% in value in the last year. However, the token hit its all-time high 3 years ago at $28.77.
*This is not investment advice.