The crypto token Rollbit (RLB) broke out to new record highs today as heavy purchases by prominent whale investors sparked a fresh rally.
As of writing, RLB is trading hands at $0.22 according to coinmarketcap.com – up over 15% from its price yesterday and marking a new all-time high watermark for the cryptocurrency.
The surge appears to have been fueled in large part by significant accumulation from four separate crypto whales over the past two days. Data from whale-watching service LookOnChain shows that together, these entities spent over $4.14 million to stock up on a combined 20.3 million RLB tokens.
The largest buy came from the wallet address 9x9x9x9, which dropped $2.22 million to purchase 11.28 million RLB at an average price of $0.197.
In another major RLB trade, a “SmartMoney” entity sold 5 million RLB for 614 ETH (worth around $1.1 million) at $0.22 per token. Interestingly, this same investor added 4 million RLB back into liquidity on decentralized exchange Uniswap, likely hoping to profit from subsequent trading fees as volume increases.
LookOnChain’s analysis found this particular “SmartMoney” account had been gradually purchasing RLB since early July, accumulating 23 million tokens total at an average cost of just $0.068. With RLB’s current price near $0.22, this investor has reportedly banked a greater than $3.5 million profit in under four months.
The heavy leverage buying appears to have created a spike in demand that’s driven RLB to new all-time highs. With several prominent crypto players now firmly bullish on the project, its price may continue climbing if their collective concentration keeps rising.
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