Trader Who’s Made Over $3,000,000 on Polygon Since July Goes Long on Rival ETH Layer-2 Project: On-Chain Data
A crypto investor who pocketed hundreds of thousands of {dollars} from buying and selling Polygon (MATIC) goes lengthy on a competing Ethereum (ETH) layer-2 undertaking.
New knowledge from blockchain-tracking agency Lookonchain reveals {that a} deep-pocketed dealer who began shopping for MATIC final July when it price simply $0.50 has not too long ago bought $2.24 million price of layer-2 scaling answer Arbitrum (ARB) utilizing 1,057 ETH.
In response to Lookonchain, the actions of the crypto whale are price monitoring as his income exceed $7.3 million.
“A sensible whale purchased 1.49 million ARB with 1,057 ETH ($2.24 million) at the moment, with a mean shopping for worth of $1.50.
This whale is effectively price maintaining a tally of.
Traded a complete of 23 tokens, of which 15 tokens are worthwhile, with a win price of 65%.
The full revenue exceeds $7.3 million.”
ARB is buying and selling for $1.70 at time of writing, a 19% enhance over the last 24 hours.
The agency goes on to elaborate extra on the high-net-worth investor’s buying and selling historical past, exhibiting how they profited hundreds of thousands by not solely swapping MATIC, but in addition the token that powers the Treasure Metaverse (MAGIC), crypto staking answer Lido (LDO) and blockchain-based lending platform TrueFi (TRU).
The on-chain knowledge reveals that the whale purchased a complete of 15.73 million MATIC at a mean worth of $0.64 and bought them for a mean worth of $0.84, making over $3 million within the course of.
The dealer additionally bought 2.91 million MAGIC at a mean worth of $0.74 a number of months. If bought at present costs, they might revenue $2.12 million.
Different swaps made by the rich dealer in 2023 embody 1.09 million LDO purchased from Binance at a worth of $1.20 and later bought for $2.20 for a revenue of $1.09 million and 23.5 million TRU purchased from Binance at a mean worth of $0.07 and later bought for $0.10 for a revenue of about $643,000.
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