Deep-pocketed traders triggered a price accident over the weekend after inserting a huge piece of an Altcoin offering to digital supply exchanges.
According to the blockchain tracking company Lookonchain, whales in the bounce (AUCTION) The market has greatly affected Altcoin’s price measure over the past week, which caused massive swings in both directions.
Bounce Finance is a decentralized auction platform that enables auctions for various assets, such as physical assets that are tokenized on blockchain and non-fungal tokens (NFT).
Auction token is used for control, efforts and fees to participate in auctions or create NFT on the platform.
Lookonchain says the whales in recent days sent over 14% of the circulating range of auction to Binance, the largest crypto change in the world after volume and OKX. These deposits probably led to coins being sold on the open market, which ultimately caused prices to fall.
Says Lookonchain,
“Auction choices deposited 1.08 million auction ($ 48.6 million, 14.26% of the total supply) to Binance and OKX again, which caused the price to fall by 50%.
Pay attention to price changes. “
At the time of writing, the auction has not recovered and currently deals at $ 20.93 with a market value of $ 137 million. The auction is ranked as the 363th largest crypto asset with market value.
Follow us on XThe Facebook and Telegram
Don’t miss a pace – Subscribe To get e -post alerts delivered directly to your inbox
Verify Price measure
Surf The daily Hodl mix
Generated Picture: Midjourney
