Whale ‘0x7DE’ Accumulates 12.16 Million SPX Tokens, Pumps the Price by 10%

In the crypto world, particularly the part that moves quickly, actions by those considered ‘whales’ (large investors) can significantly impact

A whale in the crypto scene, identified as "0x7DE," has made headlines with their recent crypto purchases. Over the last three days, three wallets linked to the whale have spent 6.15 million USDC to buy 12.16 million SPX tokens.

This activity has sparked attention as another indication of the crypto coin's potential. The purchases have had a significant impact on SPX's market performance.

After these transactions, the price increased by nearly 10% within a day, highlighting the substantial influence of whale transactions on market dynamics.

These actions have also contributed to a unrealized gain of approximately $1.25 million (+20% return on investment within a short period of time) for investors.

Previously, whale "0x7DE" has realized a net profit of $5.71M from 3 out of 7 traded tokens (win rate: 43%), with major gains from $OLAS, $ONDO,…

Known for operating within the crypto space, whale “0x7DE” maintains a portfolio that's high-risk, high-reward. He has attained a net gain of $5.71 million, emerging victorious in 43% of his crypto trades.

Out of his total trades, he broke even 16 times and encountered losses in 11 trades. The whale's journey includes substantial gains from tokens like OLAS, ONDO, and ATOR, which appear to be on his radar for their potential to perform well.

However, his crypto endeavors encountered rough patches with losses in tokens like PRIME, MUBI, PEAS, and MOG, showcasing the volatile and unpredictable nature of crypto investments.

SPX Technical Analysis

From various platforms like Coinex, we can observe that investors are bullish on this cryptocurrency as buying orders are piling up in the trade charts and the current price movements indicate a bullish trend.

Whale activity in recent times has contributed to this outlook as larger trading volumes and investor attention tend to follow big buys. But there seems to be corrections up ahead.

The chart shows a trading range of around $0.575 – $0.585 with a clear spike low at $0.60. This price peak is sharp and short-lived, likely indicating heavy buying pressure and speculative trading.

After the spike, the price enters a consolidation pattern in a descending channel (green lines). You can see that the price appears to be normalizing after the initial fuel injection, with lower highs and slightly lower lows as traders probably took profits and overall demand to buy dropped.

If you look at the Awesome Oscillator (AO) at the bottom of the chart, you can see that the green bars (indicating rising market momentum and possible trend reversals) start to decrease and turn red.

This shift in momentum could indicate a bearish outlook in the near future if the trend continues.