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- Lookonchain tweeted that a whale recently unstaked 4.08 million SUSHI.
- The blockchain tracking firm also tweeted that GoldenTree transferred 5,954,024 SUSHI to Binance recently.
- In related news, the price of SUSHI has fallen more than 8% in the last 24 hours.
Lookonchain (@lookonchain) tweeted this morning that a whale recently unstaked 4.08 million SUSHI, which is the native token of the decentralized exchange SushiSwap.
According to the tweet, this whale previously received 3.78 million SUSHI last year and staked the lump sum when the price of the altcoin was around $3. The post added that the crypto was trading at approximately $11 the previous time this whale had received SUSHI. This whale had then transferred the acquired SUSHI to Bitfinex at around $6.
A whale unstaked 4.08M $SUSHI($4.38M) 6 hrs ago.The whale received 3.78M $SUSHI last year and staked when the price was ~$3.Last time, the whale received $SUSHI at ~$11 and transferred to #Bitfinex at ~$6Will he transfer $SUSHI to exchange at a loss again this time? pic.twitter.com/QALwH3Bwuu— Lookonchain (@lookonchain) March 23, 2023
In another tweet this morning, Lookonchain shared that GoldenTree, who had received 5,900,329 SUSHI from Binance and FTX in September and October 2022, recently unstaked the entire 5,900,329 SUSHI plus the SUSHI earned from the staking which is around 53,695 SUSHI approximately 4 hours ago.
GoldenTree had also transferred the 5,954,024 SUSHI to Binance via Cumberland recently. Lookonchain shared that GoldenTree would encounter a monetary loss if he were to sell this SUSHI at current market prices. GoldenTree has received the 5,900,329 SUSHI at an average price of $1.24 according to the tweet.
CoinMarketCap shows that the price of SUSHI experienced an 8.81% drop in price in the last 24 hours. Furthermore, SUSHI has weakened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 6.82% and 5.85% respectively. As a result, SUSHI’s price stands at $1.07 at press time.
One of the main contributing factors to SUSHI’s price decline over the last 24 hours is the interest rate hike announced by the Fed yesterday. There was speculation last week that the Fed would cut interest rate hikes. However, the Fed announced a 25 basis points hike which has brought the total crypto market cap down by 2.64% over the last 24 hours.
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