A whale wallet with the address 0x3996d5a6c1716712b20a72039a85bd620dd12b45 has accumulated a substantial position in Wall Street Memes (WSM) tokens over the past month. According to on-chain data analytics site Spotonchain, this whale wallet recently withdrew 440.39 million WSM tokens, worth $3.11 million at the time, from cryptocurrency exchange OKX.
This withdrawal came after the whale accumulated these tokens during a significant 50.68% price drop in WSM over the past month. Additionally, over the past 6 days, the whale wallet received an extra 36.155 million WSM tokens, worth $223,300, from three separate wallets.
Currently, the whale holds a total of 476.5 million WSM tokens in their wallet, worth $3.36 million based on the latest price. This represents an unrealized gain of $13,690 (+0.44%) on their overall WSM position.
WSM Price Action
The price of WSM is currently $0.006866, down 2.14% in the last 24 hours according to CoinMarketCap. WSM saw its all-time high of $0.07971 on September 30, 2023, and is now 91.39% below this peak.
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Show more +The massive accumulation and subsequent unloading of over 440 million WSM tokens by this whale wallet signals a potential lack of confidence in near-term price appreciation. Besides, other WSM investors may follow suit in taking profits or limiting exposure after this month’s steep losses.
The token’s 2.14% decrease in price over the past day underscores the often shifting nature of the cryptocurrency market. Therefore, caution is recommended, particularly as the wider cryptocurrency market is trending upwards.
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