🚨Update: A large $auction dump is ongoing
According to on-chain analyst Yu Jin (@embercn), the major whales that previously withdraw 26% of their $auction supply have sent their final 200k tokens ($4.9 million) to Binance.
Timeline:
– After 4am: This whale has moved to 1.5m $ auction… https://t.co/siwzh7obw7 pic.twitter.com/4sjml2s0ck-dogaink (@coinark_io) March 23, 2025
$Auctions are 60% biased by surprise whales selling
On-chain analysts pointed to the recent $4.9 million deal in a $auction by whales. Previously, each whale controlled up to 26% of the cumulative supply of tokens. Currently, the whales are fully liquidating their holdings.
In this respect, they sent the final 200k $ auction token to Binance. Initially, the whales traded a spectacular 1.5m $ auction, taking up $49.88 million and Binance. Subsequently, the address associated with the project will add an additional $359,000 auction token to the centrally managed exchange, which is equivalent to $20.48 million. These crypto exchanges take into account Binance, Gate.io, and OKX.
Increased sales pressure will push the price of $Auction from $57 to just $23
Each whale transaction had a serious impact on the price of the $Auction. This paved the way for a massive drop in prices of 60% overall. Therefore, within just 10 hours, about 24.3% of the total supply moved to exchange, with a cumulative amount of nearly 1.859m $ auction tokens. As a result, sales pressure rose dramatically, lowering the price of the $Auction to just $23 to $57.
According to Yu Jin, the significant price drop has sparked massive concerns within the crypto sector. Some raise questions about the potential motivation behind this development, while others speculate about the potential loss of interest in the project. Furthermore, due to such substantial whale sales, it is uncertain that $Auction will recover its price in the short term.
