Over the weekend, the price of an altcoin took a hit as wealthy traders deposited a significant portion of the coin’s supply onto digital asset exchanges.
According to Lookonchain, whales in the Bounce (AUCTION) market have been exerting significant influence on the altcoin’s price movements, leading to large fluctuations in both directions.
Bounce Finance is a decentralized auction platform that allows auctions for a variety of assets, including physical assets tokenized on the blockchain and non-fungible tokens (NFTs).
AUCTION tokens are utilized for governance, staking, and fees related to participating in auctions or creating NFTs on the platform.
Lookonchain noted that in recent days, whales transferred more than 14% of AUCTION’s circulating supply to Binance and OKX, resulting in a sell-off on the market and causing prices to drop significantly.
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 and is currently trading at $20.93 with a market cap of $137 million, ranking as the 363rd-largest crypto asset by market cap.
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