According to crypto transaction tracker Spot On Chain, an unnamed whale trader identified only by their wallet address “0x117” conducted a large swap of Ethereum for the lesser-known WHITE tokens this week. The swap set off a staggering rally of over 1000% for WHITE prices.
In the first tweet, Spot On Chain noted that 0x117 had traded 1,171 ETH worth $2.4 million at the time for 2,900 WHITE tokens. This swap eventually triggered a price surge of 764.78% in WHITE. Following the deal, 0x117 became the top holder of the WHITE crypto asset.
In a follow-up post, Spot On Chain shed more light on the likely identity of the whale trader responsible for the epic run-up. They revealed that 0x117 had received 21,625 ETH worth $44.3 million back in October 2023 from something called the Hegic Development Fund.
Hegic refers to an on-chain options trading protocol enabling the trading of ETH price options. Meanwhile, Whiteheart or WHITE serves as an additional DeFi hedging platform also built on top of Hegic. As such, Spot On Chain speculates that Whale 0x117 likely belongs to Hegic’s development team itself.
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If that is the case, then we can also say that the developers and team behind the Hegic options trading ecosystem conducted a swap of their own Ethereum holdings into tokens associated with their complementary Whiteheart hedging platform. By doing so with such large amounts, it triggered an epic short squeeze in WHITE with prices multiplying 10x in a matter of hours.
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