FXS Being Down 20+% Presents Perfect Buying Opportunity For Whale
- A whale swapped part of his Lido DAO (LDO) for Frax Share (FXS).
- FXS is currently trading hands at $6.67 after a 20.85% drop in price.
- LDO is also in the red despite the brief relief experienced in the crypto market.
The on-chain analysis platform Lookonchain posted a Tweet yesterday to share their new insights and observations about the buying habits of a particular crypto whale. According to the post, a whale swapped part of his Lido DAO (LDO) for Frax Share (FXS) before the crypto market took its dive.
The whale first bought 1.48 million LDO with 3.93 million USDT on Markch5 at the price of $2.66. After this, the whale then decided to exchange about 431,824 LDO for 119,931 FXS, with about $1 million) before the price of LDO fell.
FXS / Tether US 1D (Source: TradingView)
CoinMarketCap indicates that FXS is currently trading hands at $6.67 after a 20.85% drop in price over the last day. It is likely that the whale saw this drop in price as the perfect buying opportunity to line his coffers with more FXS. In addition to this, FXS is still down by more than 33% over the last week.
The crypto’s 24 hour trading volume currently stands at $123,871,906 after a more than 99% increase since yesterday. Its market cap of $496,939,587 means that FXS is currently ranked as the 76th biggest crypto in terms of market capitalization.
LDO / Tether US 1D (Source: TradingView)
LDO is also in the red despite the brief relief experienced by the top 10 biggest cryptos. LDO is worth about $2.18 after a 3.59% drop in price over the last day. The altcoin was also able to reach a high of $2.38 and a low of $2.09 over the same time period.
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