The price of Frontier (FRONT) coin has seen a massive surge over the past week, jumping over 50% in just 7 days. This price boom appears to be driven by a whale who made a tremendous profit on a large FRONT position.
Back in January, an anonymous whale withdrew 7 million FRONT tokens (worth $1.33 million at the time) from Binance. This whale held the position for around 8 months while the price languished. Recently, the whale finally saw the price increase and decided to take profits.
Over the past 8 days, the whale deposited the 7 million FRONT tokens back into Binance, selling at an average price of $0.44 – making a profit of approximately $1.75 million on the trade, as reported by LookOnChain.
In addition to this whale profit-taking, there also appears to be increased interest and volume in FRONT at the moment. On Binance’s FRONT/USDT spot market, trading volume spiked 3136% in just 1 minute. The price hit a high of $0.6479 with $2.65 million worth of FRONT changing hands in 60 seconds.
While interest seems high right now, traders are cautioning that FRONT remains a very high risk, highly manipulated asset with potential for sharp price swings. There is speculation that large market makers are suppressing the price with aggressive wicks to profit on liquidations.
Traders recommend avoiding blind limit short positions and to proceed with extreme caution given the risky conditions around this coin. For now, the FRONT boom continues but uncertainty remains about whether it can be sustained long-term.
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