When the latest on-chain data is examined, we see that there is a whale activity in some altcoins on Binance.
Three Whales Trade Loads of LDO, GMX, and MKR Altcoins
According to the data, a cryptocurrency whale recently purchased 1.52 million Lido Finance (LDO) tokens, worth $4 million, on Binance. The whale in question, which is a new wallet, does not have any other coins in its balance.
As it is known, on April 12, Ethereum will go through the Shanghai update and staked Ethereum tokens will be unlocked gradually. At this stage, there has been activity in the altcoins of liquid staking protocols such as LDO lately.
A second cryptocurrency whale recently purchased 60,958 GMX tokens at $80, paying $4.9 million in Ethereum. The same whale also bought GMX for $3.3 million on March 14 at an average cost of $79.2.
In addition, the same whale who bought GMX also made a purchase at $ 74.6 and transferred $ 472,000 worth of GMX tokens to his wallet via Binance. The whale in question is holding 108,644 GMX tokens worth $8.76 million at the time of this writing.
Finally, a third cryptocurrency whale, MakerDAO founder Rune, also made big transactions today. Rune transferred $3.18 million worth of LDO tokens to his wallet and started buying MKR again by selling them.
*Not investment advice.