On September 24, Spot On Chain reported that Cream Finance paid out 241,415 CREAM tokens, worth $4.27 million, to 19 different addresses in the last 10 hours. Notably, prominent figure Huang Licheng (known as Machi Big Brother) received the lion’s share, obtaining 215,236 CREAM tokens worth $3.8 million and then staking them.
Source: Spot On Chain
In addition to Huang’s involvement, 13 other addresses sold 5,409 CREAM tokens, worth $99,200, through various platforms such as Binance, Gate or decentralized exchanges (DEX).
CREAM price chart. Source: TradingView
The increase does not indicate the potential for sustainable growth
Cream Finance, part of the growing decentralized finance ecosystem, is positioned as an open-source, permissionless and blockchain-agnostic protocol. It aims to provide access to financial services for institutions, individuals and other protocols.
However, caution is advised as short-term price movements may not indicate sustainable growth. Additionally, Huang Licheng recently withdrew from a lawsuit involving Detective ZachXBT, which uncovered embezzlement allegations related to Huang’s past involvement in crypto projects. Huang has strongly denied these allegations.
As Cream Finance continues to make waves in the crypto space, investors are advised to exercise caution in response to volatile price movements and ongoing controversies surrounding key figures like Huang Licheng.
INDEMNIFICATION: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.