A sleeping whale known by the short wallet address 0xba8 made a significant profit by moving all of his Livepeer (LPT) altcoins to Coinbase. After six months of inactivity, Whale deposited 114,637 LPT, equivalent to $2.18 million, at a price of $19.03 per token.
Whale had previously withdrawn these LPT tokens from Coinbase between April 29 and August 8, 2023, at an average cost of only $5.46 (estimated cost: $626K). If Whale sells now, he will make an estimated profit of $1.56 million after just six months, a 249% return.
However, the whale's sale came during a significant pump in the LPT price. LPT has increased by 130% in the last week. The altcoin, which has experienced a slight decrease from the peak value sold by the whale, is trading at $ 17.47 at the time of writing this article.
In an interesting development, another smaller whale also bought from Coinbase around the same time the previous whale sold. The whale attracted 12,190 LPT worth $229,493 at a price of $18.82 per token. In total, over the past 17 hours, the whale accumulated a total of 132,991 LPT, equivalent to $2.5 million, from Coinbase at an average price of $19.17.
*This is not investment advice.
