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Mustafa Mulla
Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- Oct 14, 2024 05:29 UTC
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SPX Whale Gets 42x Crypto Return, Cashes Out $6.44M Profit!
SPX whale turns $153K investment into $6.44M, securing 42x profit.
Whale begins cashing out, selling 793K SPX tokens for $687K in 280.5 ETH.
SPX surges 300%, climbing from $0.28 to $0.88 since October 3.
SPX6900 (SPX) has been on a strong upward trend since its launch, drawing attention with new price highs. Recently, a major SPX whale made headlines by cashing out with a massive profit. After buying 7.793 million SPX tokens in early August, the whale began selling, earning nearly $6.44 million.
Keep reading to uncover the details of this remarkable crypto trading success story.
Smart Investment Turns into Huge Gains
According to Spot On Chain data, the whale invested just $153,000 between July 31 and August 15, accumulating 7.793 million SPX tokens. As SPX prices surged, the whale’s investment grew into an incredible $6.44 million—an impressive 42x return.
This highlights the high-risk but high-reward nature of cryptocurrency, where early investments can lead to significant profits.
With SPX prices rising, the whale started selling. Just 11 hours before Spot On Chain’s report, they sold about 793,092 SPX tokens for $687,000, converting this into 280.5 ETH. This move not only locked in profits but also helped diversify their portfolio.
Even after this big sale, the whale still holds around 7 million SPX tokens, worth an estimated $5.91 million, showing continued belief in SPX’s potential while securing some major gains.
SPX Sees 300% Price Jump
At present, SPX is trading at $0.88, with a 3.32% rise in the past 24 hours and a market cap of $813 million. Since October 3, when SPX was valued at $0.28, the token has soared by 300%, causing waves in the market. However, this price surge hasn’t been smooth.
So… Is a Reversal Coming?
Despite SPX’s rapid rise, its climb has been uneven, unlike other cryptos that tend to follow a more consistent pattern before entering a bull phase.
Adding to concerns, the 1-hour chart’s Relative Strength Index (RSI) shows a bearish divergence. While SPX’s price continues to rise, the RSI is trending downward, suggesting a weakening in buying strength. This could be a sign that a price reversal may be approaching as momentum slows.
SPX’s wild price swings offer both incredible opportunities and significant risks. Are you ready to take the plunge?
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