Basic Attention Token (BAT) has been steadily declining in the indices this month reaching new weekly lows. However, whales are seeing the slump as an opportunity to load more BAT into their portfolio before it heads north. A mysterious and unidentified whale purchased 10 million BAT tokens worth a staggering $9.8 million yesterday during the dip.
BAT had reached its all-time high of $1.90 in November 2021 but got hammered due to sell-offs and profit bookings. It is now down -48.3% from its ATH and is trading below the $1 mark.
The token is down -14.5% since the last 30-trading days and is down -24.7% in the last 14-days. This week, the token slumped another -7.6% and is also down -5.0% today.
Also Read: Basic Attention Token: Is BAT’s uptrend too good to last?
The slump in price is an indicator to take an entry position and the whales are doing just that. WhaleStats dished out a transaction that shows an ETH whale buying BAT worth $9.8 million. ”An ETH whale just bought 10,000,000 $bat ($9,816,560 USD). Ranked #236 on WhaleStats,” they tweeted along with links to the transactions.
Is BAT A Lucrative Investment?
Whales believe BAT still has a lot of steam as it reached its ATH in November 2021 during a bear market. BAT had defied market sentiments and shot up at price while all other cryptos headed south and bled red.
The token is also one of the most widely used ERC-20 tokens with a real-world use case. It is mainly engineered to block trackers, invasive cookies, and malware that’s simultaneously running on web-browsers without the user’s knowledge.
Also read: Basic Attention Token (BAT) Reaches an ATH Despite the Minimal Bear Market
The other use-cases are specialized for the web browser Brave and obtain different advertising services. The ad service utility is exchanged between users, advertisers, and publishers by providing important data catering to the digital age. In other words, BAT has more to gain, as it provides solutions to existing problems in the digital tech era.
For BAT to spike in price again. its trading volume needs to increase and attract more buyers. The fear of a further slump is what’s keeping investors away from the token at the moment. The token has not shown confidence in price this whole month and mostly displayed bearish sentiments. It is advised to wait and watch for further dips before taking an entry position in BAT.
At the time of publishing, BAT was trading at $0.96 and is down -5.73% in the 24-hours day trade.