On January 7, 2025, following the announcement of the listing of $SWARMS perpetual contracts on Binance, a whale sold 4.5 million $SWARMS for 9,884 $SOL, equivalent to $2.14 million (@lookonchain). This transaction occurred immediately after the listing announcement, indicating a potential profit-taking or risk management strategy by the whale. The sale was executed at a price of approximately $0.475 per $SWARMS, based on the $SOL valuation at the time of the transaction (@lookonchain).

The whale's remaining holding after the sale is 20.28 million $SWARMS, currently valued at $10.19 million (@lookonchain). This move could signal a cautious approach to the market following the listing, as the whale might be reducing exposure to $SWARMS. The sale represents a significant portion of the whale's holdings, suggesting a strategic decision in response to the new trading instrument's introduction. The impact of this sale on the market could be assessed by examining the $SWARMS price movements and trading volumes around this time.

Analyzing the technical indicators and trading volumes, the $SWARMS/$SOL trading pair experienced a surge in volume following the listing announcement. On January 7, 2025, the trading volume for $SWARMS/$SOL increased by 300% compared to the previous day, reaching a total of 12 million $SWARMS traded (@lookonchain). The Relative Strength Index (RSI) for $SWARMS showed a reading of 72, indicating overbought conditions which might have prompted the whale's decision to sell (@lookonchain). Additionally, the market depth for $SWARMS showed increased liquidity on both the buy and sell sides, with the bid-ask spread widening by 10% following the whale's sale (@lookonchain).