Singer from Taiwan, China, Exhausts ETH Stored in Blur in One Night

02/23/2023 02:41 • Metaverse & Beyond • 99 views

It is reported that @ BitcoinEmber, an online analyst, tweeted that Huang Licheng, a singer from Taiwan, China, used up the ETH stored in Blur yesterday after receiving more than 70 BAYCs. He transferred 3 million USDTs from the address where he kept stable currency to buy 1853 ETHs, redeemed 202000 APEs (about 1.1 million dollars) from the APE pledge pool, and sold them for 670 ETHs. A total of 2523 ETHs were deposited in Blur, but after one night, they were used up again.

Data: Huang Licheng bought more than 2500 ETHs yesterday and deposited them in Blur, which has been used up again

Interpretation of the news:

According to an online analyst, @BitcoinEmber, Huang Licheng, a popular singer from Taiwan, China, deployed more than 2523 ETHs stored in Blur in one night after receiving over 70 Bored Ape Yacht Club (BAYC) tokens. Huang first transferred 3 million USDTs from the address where he kept stable currency to purchase 1853 ETHs. He then redeemed 202000 APEs, which is approximately 1.1 million dollars, from the APE pledge pool and managed to sell them off for 670 ETHs. Despite this, the singer seems to have paid a heavy price for his luxury splurge, as all the 2523 ETHs deposited in Blur were spent in one night.

From the analyst’s tweet, it is evident that Huang Licheng spent a significant amount of money on buying and redeeming cryptocurrencies. He started by exchanging fiat currency to purchase a considerable amount of ETHs. He then delved into the realm of non-fungible tokens (NFTs) by investing in BAYCs. Huang understood the potential of these assets and transacted over 202000 APEs. It is essential to note that APEs are not the same as BAYCs. APEs are tokens that are minted as part of the APE pledge pool, whereas BAYCs are purchasable NFTs. This difference bears importance for understanding Huang’s strategy when transacting these tokens.

Huang’s decision to redeem APEs and sell them back for ETHs indicates that he is aware of the collapsing APE market. The dip could indicate that he sensed a bull run in the ETH market, making it more rational to hold ETHs for the imminent price appreciation. Huang’s quick use of his deposited ETHs in Blur could be a clear indication that he would not hold the cryptocurrency for long.

In conclusion, Huang Licheng’s use of more than 2523 ETHs in one night is an indication of his significant interest in cryptocurrencies. Although the reasons behind his transactions are unknown, his activity has raised eyebrows, considering the volatility in the market. Investors are often reminded to handle cryptocurrencies with care to avoid losing significant amounts of money. Huang’s transactions should serve as a warning for investors to proceed with caution in the market.

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