Whales Abruptly Deposit Ethereum Altcoin to Binance and OKX, Causing Price To Plummet 50%: On-Chain Data

Whales Trigger Price Crash in Bounce (AUCTION) Market

Over the weekend, deep-pocketed traders made a significant impact on the price of the altcoin AUCTION by depositing a large portion of its supply to digital asset exchanges. This move caused a price crash and led to massive volatility in the market, according to blockchain tracking firm Lookonchain.

Bounce Finance, the platform behind AUCTION, is a decentralized auction platform that enables auctions for various assets, including physical assets tokenized on the blockchain and non-fungible tokens (NFTs). The AUCTION token is used for governance, staking, and fees for participating in auctions or creating NFTs on the platform.

In the past week, whales in the AUCTION market have been actively influencing the price action of the altcoin. Lookonchain reported that whales sent over 14% of the circulating supply of AUCTION to Binance and OKX, two major cryptocurrency exchanges. These deposits likely led to a sell-off of coins on the open market, resulting in a significant price drop.

According to Lookonchain, “AUCTION Whales deposited 1.08 million AUCTION ($48.6 million, 14.26% of the total supply) into Binance and OKX again, causing the price to plummet by 50%. Pay attention to price changes.”

As of now, AUCTION has not recovered from the price crash and is currently trading at $20.93 with a market cap of $137 million. The altcoin is ranked as the 363rd-largest crypto asset by market cap.

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