Whales suddenly deposit Ethereum Altcoin to Binance and OKX, causing the price to fall by 50%:
The deep -pocket traders triggered a price collapse at the weekend after investing a large part of a Altcoin’s supply to digital assets exchanges.
According to Blockchain monitoring company Lookonchain, the whales in the Bounce market greatly affected Altcoin’s price action last week and caused major oscillations in both directions.
Bounce Finance is a decentralized auction platform that provides auction for various assets such as physical assets specified in the block chain and non -figure markers (NFTS).
Auction coins are used for governance, betting and fees to participate in auctions or create NFTS on the platform.
Lookonchain says in the last few days that whales have sent more than 14% of the auction supply to Binance, the world’s largest crypto change and OKX. These deposits probably led to the sale of coins in the open market, which led to the fall of prices.
He says lookonchain,
“Auction whales accumulated to Binance and OKX, a auctional of 1.08 million auction (14.26% of the total supply) and caused the price to decrease by 50%.
Pay attention to price changes. “
During the writing, the auction was not recovered, it is currently traded at $ 20.93 with a market value of $ 137 million. The auction is listed by the market value of 363.
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