A mysterious investor is scooping up an Ethereum-based (ETH) altcoin that has more than doubled up in price so far this year.
According to new data from blockchain-tracking service Lookonchain, an unnamed institution spent $10 million worth of USD Coin (USDC) to purchase 3.4 million Synthetix (SNX), a decentralized asset issuance project, during the last two days.
The data also reveals that the same institutional investor holds 44.5 million Conflux (CFX), worth $15 million, and 7.3 million Yield Guild Games (YGG), worth about $2.07 million.
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“An institution spent 10 million USDC to buy 3.4 million SNX from [the] Synthetix Treasury in the last two days, the buying price is ~$2.93. The institution holds 44.5 million CFX ($15 million) and 7.3 million YGG ($2.07 million), and
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