Whales market introduces new DApp $WHALES on Solana

Solana logo. – CC BY-SA

Decentralized exchange Whales Market recently launched a new decentralized application (DApp) and its native $WHALES token on the Solana blockchain.

This initiative was undertaken by the LootBot team, known for its pioneering airdrop automation Telegram Bot. The team has created Whales Market to enhance Over-the-Counter (OTC) trading within the Solana ecosystem.

“Exciting news! Our latest update is now live, featuring improved filtering UI and seamless navigation. Dive into http://app.whales.market and experience a more streamlined OTC trading process. $WHALES,” said Whales in a social media post.

The OTC market allows direct trading of financial assets like stocks, bonds and cryptocurrencies without using centralized exchanges. It provides benefits like privacy in transactions, less price fluctuation and tailored deals.

Crypto News highlights the downsides of OTC, as risks emerge due to the absence of guarantees, increasing the likelihood of counterparties not fulfilling deals, especially with unfamiliar or unregulated parties. Fraud is a concern because these methods often lack strong security, leaving traders vulnerable to scams and unfulfilled token promises.

Meanwhile, CryptoSlate emphasized that Whales Market is leading the way in transforming cryptocurrency OTC trading. It provides a secure platform for trading pre-Token Generation Event (TGE) allocations, tokens and NFTs.

“Whales Market directly tackles the concerns of the traditional OTC market, ensuring transparency and efficiency. With no intermediaries involved, the platform enhances accessibility while minimizing the risk of fraud,” CryptoSlate wrote.

This innovative solution establishes higher security and accessibility norms in OTC trading, enabling participants to trade securely. Whales Market creates a reliable and seamless OTC trading experience in the cryptocurrency field, according to CryptoSlate.

Whales Market’s DApp has two markets, the Pre Market and the OTC Market. The pre-market changes (peer-to-peer) P2P trading of pre-TGE token allocations, moving away from traditional methods in social groups and private messages to smart-contract transactions. This advancement boosts accessibility to lower fraud risks, creating a clear and efficient trading setup.

Additionally, the OTC Markets allow P2P trading of tokens and NFTs. These trades happened on informal platforms like online forums and social media, making participants susceptible to scams.

In a blog post, Whales noted that its $WHALES-centered economic model ensures a sustainable and growth-oriented ecosystem.

“It incorporates a balanced approach to revenue generation, featuring trading fees, revenue sharing, and Buyback and Burn mechanisms, contributing to continuous development and expansion,” said Whales.

Whale purchases WBTC, ETH amid price drop

Whales capitalized on the recent Bitcoin (BTC) and Ethereum (ETH) price drops by buying a lot of Wrapped Bitcoin (WBTC) and ETH.

The wallet designated as 0x8B20 spent $3 million in stablecoins to buy 35.18 WBTC at $42,641 each and 674.18 at $2,225 each.

“After the BTC/ETH plummeted, 2 whale wallets bought $WBTC and $ETH at the bottom. 0x8B20 spent 1.5M $USDC to buy 35.18 $WBTC at $42,641 and spent 1.5M $USDC to buy 674.18 $ETH at $2,225,” crypto analyst Lookonchain said in a social media post.

The recent purchase shows high market confidence, reports say. Investors believe any future price drops will be brief, leading to a quick market rebound and upward trend. As a result, the crypto market has bounced back by over five percent, demonstrating resilience and a potential change in trend due to the Whales’ actions.