Whale Grabs Advantage of Crypto Market Drop, Purchases Frax Share

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Whale Grabs Advantage of Crypto Market Drop, Purchases Frax Share
  • A large investor exchanged a portion of his holdings. Lido DAO (LDO). Frax Share (FXS).
  • FXS currently trading at $6.67 after a 20.85% decrease in price
  • LDO still in the red despite the brief reprieve in the digital asset markets.

Lookonchain, a platform for blockchain analysis, tweeted a few days ago about a particular crypto whale and their buying behavior. According to the post, a large investor exchanged a portion of their holdings, Lido DAO (LDO) and Frax Share (FXS) prior to the recent crypto market crash.

At $2.66, the whale bought 1.48 million LDO and 3.93 million USDT on Markch5. After the purchase, the whale swapped 431,824 LDO with 119,931 FXS (valued at around $1 million) before LDO’s price plunged.

FXS / US1DSource: TradingView)

CoinMarketCap lists FXS at $6.67 following a 20.85% drop in value over the last day. It appears that the whale might have seen the dip in price as a buying opportunity. FXS has also gone down by 33% in the last week.

The crypto’s 24-hour trading volume is currently reported at $123,871,906, showing a more than 99% upsurge since yesterday. Its market capitalization is listed at $496.939,587, placing it at the 76th spot in terms of size.

LDO / Tether US 1DSource: TradingView)

LDO continues to be in the red despite the recent upturn in the top 10 digital assets. The altcoin is currently trading at $2.18 after a 3.59% decline in the last 24 hours. It was able to reach a high of $2.38 and low of $2.09 in the same time frame.

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