Crypto investment institution 1kx is looking to dump a major portion of its Rocket Pool (RPL) holdings after a skyrocketing price action. After Binance announced the launch of RPL contracts on Monday, RPL price spiked by over 28%, forming a bullish momentum for its community.
The Ethereum liquid staking token has crypto traders buzzing as its total value locked (TVL) recorded a jump of 2.5% over the last day. Rocket Pool’s TVL stands at the 3rd spot in the category with $2.94 billion. Lido leads among Ether liquid staking protocols with a TVL of $23.04 billion.
1kx plans to cash out big on Rocket Pool surge
As per the data shared by Spot On Chain, 1kx had deposited more than 203K RPL (approx. worth $2.37 million). The investment firm is an early investor of the Rocket Pool and received around 500K RPL back in December 2020 at just a price of $2.56 per token.
1kx has deposited 313,739 RPL (approx. worth $3.7 million) to Binance since August 29. On-chain data shows that a wallet linked to the investment firm received 200,832 Rocket Pool tokens 6 days before the dump. It still holds 315,835 RPL tokens (approx. worth $3.62 million) staked.
Rocket Pool’s ongoing bullish rally has helped it to clear the loss incurred in the longer time frame. RPL price is now up by 4% in the last 7 days but still down by 25% over the past 60 days. RPL saw a sudden pump while trading around $9.71, which helped it to breach the $12 price level.
Binance spikes RPL price by 28%
Binance announced a new RPLUSDT USD-margined perpetual contract, which will offer users up to 75x leverage while trading. With a capped funding rate of +2.00% / -2.00%, traders are eyeing serious moves. Multi-Assets mode is also in play for more flexibility. Binance mentioned they might tweak leverage, funding fees, and other contract specs as needed, so traders should stay tuned.
RPL is trading at an average price of $11.60 at press time, yet it is still down by 92% from its all time high of $154.73, recorded on November 16, 2021. However, Its 24-hour trading volume jumped by a whopping 1,624% to stand at $50.3 million.
Ether also printed the green index on Tuesday, recovering from the long decline. ETH price is up by 2.6% in the last 24-hours. The biggest altcoin is trading at an average price of $2,346 at press time.
