WhaleAlert Reveals Massive Stablecoin Transfers
According to recent data from WhaleAlert, crypto whales are making waves with recent massive transfers of stablecoins.
Whales have begun moving FRAX tokens in bulk, which caught the eye of the popular crypto platform WhaleAlert.
What is FRAX?
Frax sets itself apart as an innovative fractional-algorithmic stablecoin protocol. Its open-source, on-chain nature allows for a permissionless system. The primary goal of Frax is to introduce a decentralized and highly scalable algorithmic currency that offers a viable alternative to fixed-supply digital assets like BTC.
Unlike other stablecoins, Frax employs a unique approach where portions of its supply are backed by collateral while other parts rely on algorithms. The specific ratio between collateralized and algorithmic components fluctuates based on the market’s valuation of the FRAX stablecoin. When FRAX trades above $1, the protocol decreases the collateral ratio; conversely, if FRAX trades below $1, the protocol increases the collateral ratio.
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Here is a list of the transactions:
- 37,718,967 FRAX transferred from unknown wallet to Frax
- 38,667,293 FRAX transferred from unknown wallet to Frax
- 5,273,117 FRAX transferred from unknown wallet to Frax
- 89,802,136 FRAX transferred from CurveFI to Frax
- 74,539,728 FRAX transferred from CurveFI to Frax
- 37,254,624 FRAX transferred from CurveFI to Frax
- 25,641,276 FRAX transferred from CurveFI to Frax
- 50,082,632 FRAX transferred from CurveFI to Frax
- 100,000,000 FRAX transferred from Frax to unknown wallet
- 53,962,736 FRAX transferred from unknown wallet to Frax
- 34,555,346 FRAX transferred from unknown wallet to Frax
- 33,613,675 FRAX transferred from unknown wallet to Frax
- 31,575,351 FRAX transferred from unknown wallet to unknown wallet
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
