Massive Whale Transfers $3.1 Million Worth Of Cryptocurrencies!

04/17/2023 10:54 • AI & Tech Insights • 67 views

According to reports, according to Lookonchain monitoring, the address of the giant whale starting with 0xfc97 transferred 5 million USDTs to Coin An on April 11, and today transferred 7.56 million LRCs (worth approximately $3.1 million) and 1.84 million FTMs (worth approximately $981000). The address currently holds 9.3 million LRCs (valued at approximately $3.8 million) and 9.75 million FTMs (valued at approximately $5.2 million).

A giant whale transferred 7.56 million LRCs and 1.84 million FTMs from Coin An

Cryptocurrencies have always been the topic of discussion among investors and traders, especially when there is some big transaction or activity happening in the crypto world. Recently, reports have surfaced about some massive whale transfers from the address starting with 0xfc97. According to Lookonchain monitoring, the giant whale transferred 5 million USDTs to Coin An on April 11, followed by 7.56 million LRCs and 1.84 million FTMs on a later date. Let’s dive deeper into this massive transfer and what it indicates for the crypto world.

Overview

On April 11, the giant whale starting with 0xfc97 transferred 5 million USDTs to Coin An. Later, on a different date, the address transferred 7.56 million LRCs (valued at approximately $3.1 million) and 1.84 million FTMs (worth approximately $981000). As of now, the address holds 9.3 million LRCs (valued at approximately $3.8 million) and 9.75 million FTMs (valued at approximately $5.2 million). This indicates some massive whale activity and a large cash flow in the crypto world.

Whale Transactions And Their Impact

Whales are large holders of certain cryptocurrencies who have a capability to impact the market with their activity. They can cause a sudden rise or fall in the prices of the cryptocurrencies by their massive transactions, and can ultimately impact the market sentiments. Thus, their activity is closely monitored in the crypto world.
The recent massive whale transfer of cryptocurrencies by the address starting with 0xfc97 is a significant indicator of a high volume of cash flow in the crypto market. Since these transactions involved LRCs and FTMs, it is important to understand these crypto coins and their importance in the crypto world too.

Understanding LRCs and FTMs

LRCs, also known as Loopring, are ERC-20 tokens which serve as the medium of exchange for the Loopring protocol. Loopring is a decentralized exchange that allows users to trade cryptocurrencies with complete privacy and transparency without the need for intermediaries. With more than 50 cryptocurrencies listed, Loopring has provided a platform for users to trade and earn LRCs as rewards for providing liquidity to the platform.
On the other hand, FTM, also known as Fantom, is a DAG-based smart-contract platform that aims to provide instant transactions, low fees, and security beyond what traditional blockchains offer. The project has gained massive attention and support from various investors and venture capitalists who have helped the project to grow rapidly.

Conclusion

The massive whale transfers of 5 million USDTs, 7.56 million LRCs, and 1.84 million FTMs through the address starting with 0xfc97 has been a significant occurrence in the crypto world. This indicates a rise in cash flow and a massive activity in the market. The transfer of LRCs and FTMs has helped to drive their prices up, and it is expected that this trend will continue in the coming days.

FAQs

Q1. Who are whales in the crypto world?
Whales are individuals or entities that hold a significant amount of cryptocurrencies which can impact the market with their massive transactions.
Q2. What are LRCs?
LRCs are Loopring ERC-20 tokens that serve as the medium of exchange for the Loopring protocol, decentralized exchange allowing users to trade cryptocurrencies with complete privacy and transparency without the need for intermediaries.
Q3. What are FTMs?
FTMs are DAG-based smart-contract platforms that aim to provide instant transactions, low fees, and security beyond what traditional blockchains offer.

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