Whale Turns Investment Into 3.5x in Two Months on This Altcoin, Sells $38M

Lookonchain reported that a whale who bought Zcash two months ago sold 25,001 ZEC for approximately $37.84 million, making more than $27 million in profit.

According to the on-chain analytics platform’s September 29 post, the owner of the address beginning with 0xf562 bought the ZEC at an average price of $425. Sales made about two months later increased the value of the investment by more than 3.5x.

More than $27 million in profit on an investment of about $10.63 million

Based on the reported amount and average purchase price, 25,001 ZEC cost approximately $10.63 million. The difference between that cost and the $37.84 million in sales proceeds comes to approximately $27.21 million. This calculation is consistent with Lookonchain’s report of a profit of more than $27 million.

The sales proceeds reached approximately 3.56 times the initial cost, while the gain relative to cost was approximately 256 percent.

Records show sales made in multiple transactions

The records accompanying the post show multiple sales listed under the UZEC label, as well as transfers of ZEC to Hyperunit deposit addresses. The unit prices shown in the sales entries range from approximately $1,470 to $1,502.

These records indicate that the sales were not limited to a single transaction. The $37.84 million reported by Lookonchain refers to the total sale amount for the 25,001 ZEC sold.