On August 15, Binance Futures listed $RARE, sparking a massive surge in the token’s value. But according to data from Arkham Intelligence, something significant was happening long before the official listing.
Was RARE pump pre-planned?
Binance futures listed $RARE on 15th August
But something was happening way before #Binance listing
As per @ArkhamIntel , GSR, which is a market maker, was accumulating RARE aggressively weeks before the Binance futures listing announcement.
Also,… pic.twitter.com/ja1tjYdtlt
— Wise Advice (@wiseadvicesumit) August 18, 2024
Market Maker GSR’s Strategic Accumulation
Weeks before Binance announced the listing, GSR, a prominent market maker, had been aggressively accumulating $RARE tokens. This pre-listing activity was particularly notable given that SuperRare’s daily trading volume ranged between just $3,000 and $10,000 prior to the listing. The accumulation by GSR hinted at an impending surge, and sure enough, as soon as $RARE was listed on Binance, the token skyrocketed by up to 200%.
The Aftermath of the Listing
Even after the initial pump, the funding rate for $RARE remains at -2%, while the price has risen by 180% over the past week. However, the price has dipped by 20% in the last 24 hours. Despite this volatility, smart money investors are profiting significantly through three key strategies:
1. Early Spot Purchase: Savvy investors bought $RAREUSDT on the spot market before the Binance Futures listing, anticipating the price surge.
2. Futures Long Positions: They took long positions on $RARE through Binance Futures, riding the upward momentum.
3. Negative Funding Rate Profits: With the funding rate still negative, these investors are earning additional income as they hold their long positions.
Significant Treasury Movements
Further insights from Lookonchain reveal that just an hour ago, the SuperRare Treasury transferred 7.5 million $RARE tokens (valued at $1.8 million) to Binance via GSR. This is reminiscent of a similar transfer on May 15, which also followed a surge in $RARE’s price.
An hour ago, the #SuperRare Treasury transferred 7.5M $RARE ($1.8M) to #Binance via #GSR.
The last similar transfer was on May 15, also after the $RARE price surged.https://t.co/ezyLxnixya pic.twitter.com/3lKFcCQPYZ
— Lookonchain (@lookonchain) August 19, 2024
The events surrounding $RARE’s listing on Binance illustrate the strategic maneuvers of market makers and smart money investors who positioned themselves well in advance, profiting handsomely from the token’s explosive growth.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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