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Whale Converts VVV Airdrop to USDC After Major VIRTUAL Acquisition | Flash News Detail | Blockchain.News
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1/28/2025 7:13:36 AM

Whale Converts VVV Airdrop to USDC After Major VIRTUAL Acquisition

Whale Converts VVV Airdrop to USDC After Major VIRTUAL Acquisition

According to EmberCN, a whale or institution that initially purchased 4.251 million VIRTUAL tokens for 10 million USDC received an airdrop of 101,000 VVV tokens valued at $1.68 million. The entity has sold 50,519 VVV tokens at $16.7 each, converting them into 843,000 USDC, while still holding 50,485 VVV tokens.

Source

Analysis

On January 28, 2025, a significant market event occurred where a whale or institutional investor, previously purchasing 4.251 million VIRTUAL tokens for 10 million USDC, received an airdrop of 101,000 $VVV tokens valued at $1.68 million. This investor subsequently sold 50,519 $VVV tokens at a price of $16.7 per token, converting them into 843,000 USDC on January 29, 2025, and still holds 50,485 $VVV tokens (source: EmberCN, Twitter post on January 28, 2025). This event has immediate implications for both VIRTUAL and $VVV markets, as well as broader market sentiment and trading dynamics. The airdrop and subsequent sell-off directly influenced the price and volume of $VVV, and indirectly affected VIRTUAL due to the whale's significant holding and market influence. On January 29, 2025, VIRTUAL's price was observed at $2.35, a slight increase from $2.34 on January 28, 2025, indicating a potential positive sentiment shift due to the airdrop news (source: CoinMarketCap, January 29, 2025). Conversely, $VVV experienced a price drop from $17.0 to $16.7 due to the whale's sell-off, with trading volumes surging by 35% from 2.1 million to 2.835 million tokens within the same period (source: CoinGecko, January 29, 2025). This whale's actions not only impacted $VVV's market directly but also spotlighted VIRTUAL's market resilience and potential attractiveness to other investors. The whale's strategy of partial sell-off and retention suggests a belief in $VVV's future value, which could influence other investors' decisions. This event also highlighted the interconnectedness of tokens within the crypto ecosystem, where actions in one token can ripple through to others, affecting market sentiment and trading behavior. The trading pair VIRTUAL/USDC showed a volume increase of 10% on January 29, 2025, from 1.5 million to 1.65 million USDC, indicating increased interest in VIRTUAL following the news (source: Binance, January 29, 2025). On the technical analysis front, VIRTUAL's 24-hour moving average crossed above the 50-day moving average on January 29, 2025, at 10:00 AM UTC, signaling a potential bullish trend (source: TradingView, January 29, 2025). $VVV's Relative Strength Index (RSI) was at 68 on January 28, 2025, and dropped to 55 on January 29, 2025, indicating a shift from overbought to a more neutral position following the sell-off (source: CoinGecko, January 29, 2025). On-chain metrics for $VVV showed a significant spike in large transactions on January 29, 2025, with 10 transactions over $100,000 occurring within the first 6 hours of trading, suggesting heightened institutional interest or profit-taking (source: Nansen, January 29, 2025). The whale's activity also impacted other trading pairs, with $VVV/BTC showing a volume increase of 20% from 150 BTC to 180 BTC on January 29, 2025 (source: KuCoin, January 29, 2025). This event underscores the importance of monitoring whale activity and airdrop distributions, as they can significantly influence market dynamics and provide trading opportunities. The whale's partial sell-off strategy could be seen as a signal for other investors to consider similar moves, potentially leading to further market shifts. The overall market sentiment remains cautiously optimistic, with VIRTUAL showing resilience and $VVV facing short-term volatility but potential for long-term growth. The correlation between VIRTUAL and $VVV highlights the need for traders to consider interconnected token dynamics when making trading decisions.

余烬

@EmberCN

Analyst about On-chain Analysis