While the tense situation in the Middle East has caused fluctuations in the crypto market and Saylor announced an increase in his investment in Bitcoin, on-chain monitoring data has revealed the dynamics of another large transaction. Golden Finance reported that according to the monitoring of on-chain analyst Onchain Lens, a whale investor withdrew 1.54 million US dollars of USDC from Binance Exchange and then purchased 1.21 million FARTCOIN at a price of 1.27 US dollars each.
From the perspective of the trading path, the whale first completed the USDC withdrawal operation on Binance and then executed the purchase action through a decentralized exchange (DEX). The average transaction price of $1.27 indicates that this transaction might have been completed through a liquidity pool rather than a market order scan, avoiding a sharp impact on the market price. As of the time of publication, the price of FARTCOIN is temporarily quoted at $1.32. The whale’s holdings have made a profit of approximately 4.7%, with a paper gain of over $58,000.
FARTCOIN, as an active ERC-20 token recently, is positioned as a “community-driven experimental cryptocurrency” in its white paper, maintaining token scarcity through a deflationary mechanism (charging a 5% transaction fee and burning it). Data from the project’s official website shows that the current circulating supply is 89 million pieces, with a market value of approximately 118 million US dollars. The 24-hour trading volume reaches 32 million US dollars, and the liquidity is mainly concentrated on platforms such as Uniswap V3 and SushiSwap. It is worth noting that the token entered the top 50 of the CoinGecko hot list just 28 days after its launch. The daily discussion volume of the #FARTCOIN topic on social media exceeded 23,000, demonstrating the high activity level of community operation.
This large-scale purchase by the whale may be related to FARTCOIN’s upcoming “staking as mining” plan. The Staking mechanism will be launched on July 1, with an expected annualized yield of 180% to 240%, and stakers will be eligible for an airdrop of the governance token FARTDAO. Historical data shows that similar high APY staking plans often trigger short-term speculative surges. For instance, the price of BONK soared by 210% within 72 hours after the launch of the staking.
On-chain data also shows that within the past 7 days, the top 100 Wallet addresses of FARTCOIN have cumulatively increased their holdings by 42 million, accounting for 47.2% of the circulating supply. Among them, institutional addresses (marked as “VC Wallet”) have increased their holdings by 18 million. This concentrated increase in holdings has sparked discussions in the market about the “risk of controlling the market”. Some analysts on the X platform have warned: “High concentration of holdings may lead to sharp price fluctuations, and retail investors need to be vigilant against the liquidity trap of selling after a rally.”
With the whale transaction being exposed by on-chain monitoring, FARTCOIN’s 24-hour trading volume soared by 170% compared to the previous day, and its market capitalization ranking rose by 12 places. Whether this subsequent large order of 1.54 million US dollars will trigger more follow-up funds to enter the market and whether the project party’s pledge plan can support the continuous rise in price, Golden Finance will continue to track the changes in on-chain data.
Related Topics:
- Arthur Hayes: If the Bank of Japan delays balance sheet reduction and restarts some quantitative easing in June, risky assets may rise sharply
- The chairperson of the US SEC: It is suggested to adopt a more open attitude towards self-custody of crypto assets
- Trump announced a newborn savings plan: save $1,000 for each child
