A prominent PAXG whale has significantly expanded profits as gold prices surged to $5,100 per ounce. The whale, identified as 0xfd6, holds a 5x leveraged long position on PAXG, an on-chain gold token, with a floating profit now reaching $710,000, marking a 96% return. The position, valued at approximately $3.71 million, was initiated on October 22nd last year with an average entry price of $4,126. The whale, dubbed the "Top Bull of On-chain Gold PAXG," had set a profit-taking target of $8,850 back on November 1st. This strategic move highlights the whale's bullish stance on gold, as they currently hold only PAXG tokens in their account, capitalizing on the metal's price rally.
PAXG Whale Sees $710,000 Profit as Gold Hits $5,100
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