A large number of altcoins were deposited on digital asset exchanges by deep-pocketed investors over the weekend, causing a massive price drop.
Lookonchain’s blockchain tracker claims that whales on the Bounce market (AUCTION), have had a major impact on the price of the altcoin over the last week. This has caused massive fluctuations in either direction.
Bounce Finance, a decentralized platform for auctioning assets such as non-fungible (NFT) tokens and physical assets tokenized onto the blockchain, is an auctioning platform that allows auctioning of various assets.
The AUCTION Tokens can be used to pay for fees, stakes, or for participation in the auctions.
Lookonchain reports that over the past few days whales have sent more than 14% of AUCTION’s circulating supply to Binance and OKX, two of the biggest crypto exchanges in the world. These deposits led to the coins being traded on the market and ultimately driving down prices.
Lookonchain says
“Pay attention to changes in price.”
AUCTION is currently trading for $20.93, with a $137 million market capitalization. AUCTION ranks as the 363rd largest crypto asset in terms of market capital.
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The data on this post, Whales Deposit Ethereum Altcoins to Binance and OKX Immediately Causing Prices To Plummet By 50%: On Chain Data can be updated as new information is released.
