SPX6900 (SPX) has been on a strong rise since its launch, attracting a lot of attention as its price reached new highs. Recently, a big SPX whale made waves after cashing in a huge profit. After purchasing 7.793 million SPX tokens in early August, this whale has started selling, making almost $6.44 million in profits.
Whale nets $6.44 million in SPX selloff
According to data from Spot On Chain, this whale made a bold move by investing just $153,000 between July 31 and August 15, acquiring a whopping 7.793 million SPX tokens. When SPX prices soared, the whale’s gamble paid off, netting their initial purchase a remarkable $6.44 million: a 42x return.
These huge gains shine a light on both the volatility and earning power that cryptocurrency offers, especially for those who enter the market when prices are low.
After the recent price increase, the whale seized the moment to start paying out. Just 11 hours before Spot On Chain’s post, the whale started unloading some SPX tokens. During this first sale, they sold approximately 793,092 SPX tokens for an impressive $687,000, which was converted into 280.5 ETH. This strategic sale not only delivered solid returns, but also helped the Whale diversify their holdings.
But even after this big sale, the whale still owns approximately 7 million SPX tokens with an estimated value of $5.91 million. This shows that they are still confident in SPX’s potential, retaining a significant stake while taking home significant profits.
SPX sees a 300% price increase
Currently, SPX is trading around $0.88, up 3.32% in the last 24 hours and with a market cap of $813 million. Since October 3, when SPX hit $0.28, it has seen a powerful increase of 300%, causing a stir in the market. However, this price movement was anything but smooth.
While many cryptos tend to consolidate and move into a clear bull phase, SPX’s climb has been choppy, without a strong wave pattern.
Adding to the concerns, the Relative Strength Index (RSI) on the 1-hour chart is showing a bearish divergence. As the price of SPX rises, the RSI tends to fall, indicating a loss of confidence in the current uptrend. This difference often signals that a reversal could be on the horizon as buying momentum weakens.