A whale wallet has recently started selling $PUNCH tokens following significant profit. Specifically, the Solana wallet, going by punchkun.sol, has begun offloading $PUNCH holdings following having a huge profit of $2.5M. As per the data from Arkham Intelligence, the growing selling pressure around the $PUNCH token has led the whale to offloadholdings. Hence, this outlook is raising concerns among the market participants.
Whale Wallet Punchkun.sol Engage in $PUNCH Sell-Offs after Stunning $2.49M in Profit
The market data indicates that the whale wallet “punchkun.sol” has shown a noteworthy shift in behavior with the latest offloading. Before this, the wallet successfully made a total profit of $2.49M. This indicates a staggering 61.35% rise in the total $PUNCH holdings of the whale wallet. At the core of the respective spike is a substantial $PUNCH position, including 73.11M tokens. So, this amount accounts for a total valuation of nearly $2.24M.
Nevertheless, irrespective of making such profits, the whale has reportedly started offloading the $PUNCH tokens. Based on the data, the whale at first purchased amost 10% of the cumulative $PUNCH supply while recompensing only $8,000. That amount has since been expanding into millions. Along with $PUNCH, the whale wallet also contains 3,102 $SOL with a value of up to $258,690.
At the same time, small amounts of $BELUCHAD, $TRILLIONS, and $USDC are also present in the whale’s wallet. While the $SOL token has surged by 1.93%, $PUNCH has emerged as the whale’s real portfolio driver, soaring by 214.69% in terms of value. However, the ongoing $PUNCH offloading is now increasing the concerns regarding the future trajectory of the token.
$250K $PUNCH Sale Triggers Concerns over Future Trajectory
According to Arkham Intelligence, the whale wallet has already executed a $PUNCH token sale of $250K. Particularly, the $2.18M in the $PUNCH is held across multiple accounts that are closely connected. Initially, Punchkun.sol transferred the $PUNCH holdings to hyperwynn.sol, and it subsequently sent the amount to 7RSgC. Ultimately, the amount moved to 69jy. This transfer chain is reportedly a coordinated whale activity. At the moment, the whale wallet sits among the $PUNCH investors that claim most of the profit, but the next decision could determine if this surge continues or selling pressure overwhelms it.
Credit: Source link
