Whales/institutions and project owners holding 26% of the total AUCTION transferred a total of 1.109 million AUCTION to CEX today, which may cause the price to halve in 5 hours.

03-23

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On March 23, according to EmberCN monitoring, the whale/institution that previously withdrew 26% of the total AUCTION from Binance transferred a total of 750,000 AUCTION tokens ($29.25 million) to Binance in the past 3 hours. The AUCTION price dropped from $57 at 3 AM to the current $29, halving in value within 5 hours.

The whale/institution has transferred AUCTION tokens to Binance twice after accumulating them: on March 17, transferring 500,000 tokens to Binance, when the AUCTION price adjusted from $35 to $31; today, transferring 750,000 tokens to Binance, with the AUCTION price dropping from $57 to $29. Currently, they still hold 750,000 AUCTION tokens ($23.85 million) on-chain.

Additionally, the initial price drop of AUCTION today may have originated from the project team's address: a multi-signature address of the project team began transferring 359,000 AUCTION tokens ($20.48 million) to exchanges like Binance, OKX, gate.io at 03:13. The project team's address started transferring at 03:13, and the AUCTION price began to drop at 03:15.

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.

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