Whale Sells 2.53 Million SPX Tokens for $4.46 Million Profit

A significant event unfolded in the cryptocurrency market as a large investor, commonly referred to as a "whale," made a substantial profit by selling a portion of their SPX6900 (SPX) meme coin holdings. On the 20th of July, the whale deposited about 2.53 million SPX tokens into a cryptocurrency exchange, amassing a profit of $4.46 million as the price traded around its new highs. This move highlights the potential for significant gains in the meme coin market, where strategic buying and selling can yield impressive returns.

The whale's actions involved acquiring 13.34 million SPX tokens and later selling 2.53 million tokens, demonstrating the power of market timing and patience in crypto investing. Despite the sale, the whale still holds more tokens with a value of more than $11 million, indicating continued confidence in the asset.

Looking at the overall profitability of holders, the metric was in the 90th percentile. No on-chain traders were in loss, but 7% were at break-even. This suggests that while some investors are taking profits, the majority are still holding onto their tokens, expecting further gains. The concentration of accumulation addresses showed the two most significant supports were between the $0.57-$0.72 and $0.00024-$0.05 where 2,140 and 1,790 addresses bought SPX. The latter seem to have accumulated during its earliest period. The most recent supports were between the $1 and $1.32 zones.

While most of the holders are staying profits, the sentiment seems to be far from being over. The current holders are likely to hang on tighter for more gains, and their notable numbers could help in keeping the memecoin as the best-performer in this cycle. This follows as 74% of traders have held for a period between one month and one year, but only 3% had it longer than a year. Meanwhile, the 14 whales accounted for 40% of all addresses that held more than 1% of the tokens total supply. Investors were only about 31.51% representing 115 participants.

Technically, SPX6900 looks super bullish, with the price action having respected a rising trendline support since the 11th of March. Every time the memecoin has hit this trendline, it has resulted in a bounce. The memecoin seems to be completing a triangle pattern, hinting another bounce toward the support could result in a breakout. However, the momentum indicator has started to fade following the slow movement at the area around the ATH at $1.83.

On the flipside, SPX6900 could break below the ascending triangle. This would turn the price action bearish in the short-term. The shift in structure could be heightened by continued selling, especially if major whales started offloading. To wrap it up, SPX is still bullish at the moment, but that could change.