In a notable event within the cryptocurrency domain, a famous trader called “Machi Big Brother” invested 125 ETH (worth $336,800) to purchase 3.28 million $3AC tokens. According to Lookonchain, which tracks data from blockchain explorers and trading platforms, the transaction was completed at an average price of $0.1028 for each $3AC token.
Machi Big Brother(@machibigbrother) spent 125 $ETH($336.8K) to buy 3.28M $3AC(by @zhusu) at an average price of $0.1028. #3AChttps://t.co/rehOcePKqm pic.twitter.com/AcdvTkqxxU
— Lookonchain (@lookonchain) September 28, 2024
Uniswap Transaction Insights
All the transactions made by Machi Big Brother were made through the Uniswap platform, which is an automated decentralized marketplace for buying and selling cryptocurrencies. Machi Big Brother gained millions of $3AC tokens in 11 hours. This was done by identifying a blockchain transaction record of the token purchase in the wallet linked to Machi Big Brother and recorded in Uniswap’s Universal Router contract.
The overall purchase was divided into several smaller purchases, and each of the purchases of the tokens varied from 187,933 to more than 585,000 tokens. The purchase volumes also give the impression that Machi Big Brother was playing a wait-and-see approach to enter at an opportune time, depending on the price fluctuations and market conditions.
3AC Token and Its Background
The 3AC token is a fairly recent addition to decentralized finance (DeFi), although it is linked to the infamous crypto hedge fund Three Arrows Capital (3AC). New projects and work under the brand 3AC appeared after the liquidation of the company such as the 3AC tokens.
On the day of the acquisition, Machi Big Brother acquired the $3AC tokens at varying values, as presented on the trading chart from Dexscreener. The token is currently at $ 0.09336, though unstable throughout the day: the price went up and then immediately dropped. Liquidity data from the same source also showed that the 3AC/WETH pair on Uniswap had a $12 million volume and an FDV of around $ 82.9m.
Analyses and Expectations of the Market
The purchase of a massive amount of tokens and public support from Machi Big Brother has caused the $3AC tokens to gain huge traction amongst the crypto community. Some think that this could be the start of the broader market action on the token as large investors begin to buy up $3AC.
In the Twitter space, Lookonchain also captured the transaction while pointing to Machi Big Brother as the key player in significant token buyouts and possibly ramping the price up.
With continued trading of the 3AC token in decentralized platforms, it is the investors like Machi Big Brother that everyone looks at in the market. Since uncertainty and unpredictability still characterize the crypto market, the question is still out on whether this investment will result in profits or whether it is merely another bet on an inherently uncertain market in the ever-dynamic world of DeFi.