SPX Whale Nets $6.44M in Sell-Off, Securing 42x Return

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.

A whale holding $SPX6900 (SPX) tokens has cashed in on a huge profit, netting nearly $6.44 million from an initial investment of just $153,000.

The whale's massive SPX buy occurred between July 31 and August 15, with a total of 7.793 million SPX tokens acquired. As SPX prices soared, the whale's holdings skyrocketed, ultimately reaching an impressive $6.44 million — a remarkable 42x return.

This huge profit showcases both the volatility and earning potential present in the cryptocurrency market, particularly for those entering at lower price points.

A whale with a $6.44M profit (42x return) is cashing out $SPX! Notably, the whale spent just $153K to buy 7.793M $SPX between Jul 31 and Aug 15.

With the recent price surge, the whale began unloading $SPX 11 hours ago, totaling 793,092 $SPX ($687K) sold for 280.5 $ETH, leaving… pic.twitter.com/a0XNbedeMU

Following the recent price surge, the whale wasted no time in cashing out. According to Spot On Chain's post, the whale began unloading some SPX tokens around 11 hours prior.

In this initial sell-off, the whale sold approximately 793,092 SPX tokens for an impressive $687,000, which was converted into 280.5 ETH. This strategic sale not only realized a substantial profit but also aided in diversifying the whale's holdings.

However, even after this large sale, the whale still holds around 7 million SPX tokens, valued at an estimated $5.91 million. This indicates the whale's continued optimism in SPX's potential, maintaining a significant stake while simultaneously cashing in on substantial profits.

Currently, SPX trades at around $0.88 with a 3.32% price increase over the last 24 hours and a market capitalization of $813 million. Since hitting $0.28 on October 3, SPX has seen a strong 300% price surge, making waves in the crypto market.

However, this price movement has been far from smooth, and SPX's 1-hour chart reveals some concerning signs.

Unlike most cryptos that tend to consolidate and enter a clear bull phase, SPX's ascent has been choppy, lacking a strong wave pattern. This choppy price action raises concerns about the sustainability of the current uptrend.

Moreover, the 1-hour chart's Relative Strength Index (RSI) is displaying a bearish divergence. As SPX price rises, RSI trends down, indicating a loss of confidence in the current uptrend. This divergence often suggests a potential reversal on the horizon as buying momentum weakens.

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