Spiking, the financial analytics company that will track the trades of so-called cryptocurrency whales, has announced they have received $30 million in an oversubscribed private sale for their SPIKE token.
SPIKING Receives US$30M in Oversubscribed Private Token Sale https://t.co/cTfUV1AIQc
— Spiking (@StockSpiking) October 25, 2018
Whales are often key executives behind individual tokens, owners of mining pools and exchanges or simply large holders who have the power to move markets by the sheer size of their transactions.
Users of the platform will be able to find information on and follow these large players and automatically mirror their trading activity by using AI to transact across multiple exchanges.
Spiking believe potential returns can be enhanced by tracking the whales as they tend to have better access to critical informationfrom early trades within the investment cycle.
The company already offer a tracking app for conventional fiat stock markets and, when discussing this service, CEO Clemen Chiang said “We are in the business of big data analysis. We connect the dots. What matters is, who bought, which stocks, at what price and when did it happen. We want to know the big stock players that move the stock prices.”
Similar principles will apply to the new cryptocurrency platform which will additionally incentivise all participants by employing a profit split model through a smart contract that allocates 8% to the platform, 21% to the whale being tracked and 71% for the following investor.
As the model shows, the whales are not being secretly stalked or hunted but are introduced to followers in a transparent environment via the platform.
Buoyed by the success of the private sale and interest in the alpha version of the Spiking app on the App and Google Play stores, the public token sale is now set to begin on 22 November 2018.