Deep pocket traders have activated a price crash during the weekend after depositing a huge part of the stock of an Altcoin of digital assets exchanges.
According to Blockchain tracking company Lookonchain, whales in the Bounce (auction) market have strongly influenced the price action of Altcoin last week, which causes mass fluctuations in both directions.
Bounce Finance is a decentralized auction platform that makes auctions possible for different assets, such as physical assets that tokenized on the blockchain and non-fungal tokens (NFTs).
Auction tokens are used for governance, deployment and costs for participation in auctions or making NFTs on the platform.
Lookonchain says that in recent days whales more than 14% of the circulating supply to Binance, the largest crypto exchange in the world per volume, and OKX sent. Those deposits probably led to coins being sold on the open market, so that the prices eventually plummeted.
Says lookonchain,
“Auction whales have deposited 1.08 million auction ($ 48.6 million, 14.26% of the total offer) in Binance and OKX, which means that the price plummeted by 50%.
Pay attention to price changes. “
At the time of writing, the auction was not recovered, which is currently being traded at $ 20.93 with a market capitalization of $ 137 million. Auction is arranged as the 363rd largest crypto assets per market capitalization.
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Generated image: midjourney