After Binance announced the addition of Scroll (SCR) to its Launchpool, four large crypto whales, commonly referred to as “whales,” borrowed a total of 195,500 BNB, valued at around $112.4 million, from the Venus protocol and deposited it into Binance, likely to participate in farming Scroll (SCR).
The Whales and the Borrowed Funds
Four crypto whales have been identified as the main ones in this big transaction. The largest whale, 65,000 BNB, equivalent to $37.34 million. The second-largest whale, took out a loan of 52,000 BNB, worth $29.9 million, 39,500 BNB, Meanwhile the another transaction holds about amounts to $22.7 million. Finally obtained 39,000 BNB, worth $22.4 million.
These crypto whales immediately transferred their borrowed BNB to Binance, positioning themselves to take advantage of farming opportunities for Scroll (SCR) on Binance’s Launchpool.
High Borrowing Costs on Venus and Aave
The crypto whales borrowed these large sums even with the high borrowing costs on both Venus and Aave. At the time of borrowing, the annual percentage yield (APY) for borrowing BNB on Venus was almost 100%, and Aave was also charging an APY of over 80%. Even with these high fees, the whales proceeded, confident that the rewards from farming SCR on the Launchpool would outweigh the costs.
Crypto Whales On Scroll (SCR)
Scroll (SCR) is a project that recently gained attention after Binance added it to its Launchpool. While full details about Scroll’s role and potential are still emerging, The high profile moves by these whales indicate that the project has gained interest.
The farming of tokens on Binance’s Launchpool allows users to earn new tokens by staking their existing ones, in this case, BNB. The whales, by borrowing BNB and transferring it to Binance, aim to maximize their farming potential, expecting substantial returns from SCR.
Crypto Whales Making Big Moves
These types of large scale transactions are not uncommon in the crypto space, where whales have the resources to borrow large sums to exploit high return opportunities. The addresses of these whales are now being closely monitored by the crypto community, as their actions can provide insights into future market movements.
This strategy of borrowing, transferring, and farming shows just how complex and high stakes the cryptocurrency world can be. While some investors take a long term approach by holding onto their assets, others, like these whales, are constantly moving funds to capitalize on the latest opportunities.
Profitable Crypto Whale Activities
Besides the Scroll farming activities, other whales are also making profitable trades. For example, one whale deposited a large amount of assets, including 182.4 billion PEPE ($1.24 million), 351,520 CAKE ($1.31 million), 1.88 million MANA ($1.11 million), and 1.83 million SAND ($1.09 million), into Binance, taking profits of around $5.4 million. This whale managed to trade eight different tokens, making a profit on each, showing the opportunity for profitable moves in the crypto market.
The borrowing of 195,500 BNB by four whales after Binance announced Scroll (SCR) on its Launchpool has caught a lot of attention.
Even with the high borrowing costs on Venus and Aave, these whales are making a big bet on the future of SCR farming. This changing world of cryptocurrency by the strategy shows just how high the stakes are in the world of cryptocurrency, especially when whales make big plays like this.
