According to on-chain data, a cryptocurrency whale recently made a huge profit by making a “smart” altcoin trade.
The whale in question first unlocked a total of 47,148 GMX tokens via UniSwap by unstacking them.
Whale Account At 4.2 Million Profits From GMX Altcoin
Whale account sold 27,148 of the unstacked tokens for 1,151 Ethereum. The amount in question corresponds to $2.08 million at the time of this writing. The GMX price was trading at $77 when the whale account sold.
Examining the whale's previous transactions, it appears that it purchased a total of 86,855 GMX (costs $4.08 million) and staked it from October 2021 to March 2022 at an average purchase price of $47.
The whale in question appears to have a total profit of $4.2 million from the GMX altcoin. However, there are still approximately 20,000 more GMXs in the whale's cryptocurrency wallet, and the total value of these tokens is around $1.5 million.
The wallet has won 362.5 Ethereum ($589,000) and 14,759 esGMX ($1.06 million) from GMX altcoin staking rewards so far.
In addition to GMX tokens, the whale's wallet holds approximately $3 million in Ethereum and $273,000 in USDC stablecoins on the Arbitrum network.
GMX functions as the native token of GMX, a decentralized spot and perpetual cryptocurrency exchange. GMX is used for management and staking on the platform.
*Not investment advice.