A cryptocurrency whale called Farmer X has come to the fore with its recent transactions involving the CREAM altcoin, a decentralized lending and clearing protocol running on Ethereum and Binance Smart Chain.
According to data from blockchain explorer Etherscan, Farmer X pulled 8,670 CREAM tokens (worth approximately $325,000 at the time of writing) from popular crypto exchange KuCoin on June 24. This isn't the first time Farmer X has moved large quantities of CREAM from KuCoin. The same whale had withdrawn 42,767 CREAM tokens (worth approximately $1.6 million at the time) from the same exchange on June 15.
These withdrawals have sparked speculation among crypto enthusiasts about the motives and identity of Farmer X. Some believe Farmer X's CREAM is set to stake or lend on the protocol's platform, which offers a variety of financial services such as borrowing, lending, swapping and yield farming.
According to Etherscan, Farmer X currently holds 360,574 CREAM altcoins (worth approximately $13.5 million at the time of this writing) at two addresses. This makes this cryptocurrency whale the largest CREAM owner in the world.
CREAM is the native token of Cream Finance, a DeFi project that aims to make decentralized finance more accessible and inclusive.
*Not investment advice.