Analysis: The address of the largest WHITE holder may belong to the development team

According to Spot On Chain monitoring, the largest holder address of WHITE (starting with 0x117) received 21,625 ETH (currently worth $44.3 million) from the Hegic: Development Fund address on October 8th. Whiteheart (WHITE) is an on-chain hedging protocol based on Hegic. Therefore, this whale address is likely owned by the development team.

Previously, according to Spot On Chain monitoring, the whale address starting with 0x117 exchanged 1171 ETH (worth about $2.4 million) for 2900 WHITE, causing the token price to soar by 764.78%. This whale is now the largest holder of WHITE.