Whale Makes Significant Deposit of 4.62 Million RDNT Tokens on Binance

July 3, 2023 - Around 2 mins mins to read

Key Points:

Whale deposits 4.62M RDNT tokens at Binance, incurring a loss despite token value surge.
Whale had been accumulating RDNT tokens over two months, investing 1.55M USDC.

According to Lookonchain, a huge whale address transferred 4.62 million RDNT to Binance today after the price of increased.

A large investor, known as a “whale,” has recently made a deposit of 4.62 million RDNT tokens (equivalent to 1.4 million dollars) at cryptocurrency exchange Binance. This deposit suffered a loss even though the value of the token had increased earlier that day.

It appears that this whale had been accumulating tokens for the past two months, spending a total of 1.55 million USDC to purchase the 4.62 million RDNT tokens.

These purchases were made through a platform called Odos Protocol, and the average price paid per token was $0.3353.

A whale deposited 4.62M $RDNT ($1.4M) to #Binance at a loss after the $RDNT price rose today.

This whale spent 1.55M $USDC to buy 4.62M $RDNT at an average price of $0.3353 on @odosprotocol over the past 2 months.

If he sells, he will lose ~$157K.https://t.co/qfPWMRE9m3 pic.twitter.com/pvw8b7rI5J
— Lookonchain (@lookonchain) July 3, 2023

Despite the loss incurred through the recent deposit, it is unclear whether the whale plans to sell their RDNT tokens. If they were to do so at current market prices, they would face a loss of approximately $157,000. However, there may be other factors at play that influence the whale’s decision to hold onto their tokens or sell them at a later time.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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