An exclusively created crypto wallet has recently made a massive token extraction. As per data from Onchain Lens, in the latest development, this crypto wallet has redeemed up to $15.48M in the form of $WIF from Binance, to carry out vesting. The on-chain data provider disclosed this event on its official social media account.
New Crypto Wallet Withdraws 14M $WIF from Binance to Carry out Vesting
Onchain Lens mentioned that the newly developed wallet has reportedly withdrawn approximately 14M $WIF tokens from Binance. Following making the respective withdrawal, accounting for up to $15.48M, the wallet owner sent this value for vesting. This usually takes into account investment purposes. Nonetheless, the exact nature of the respective venting stays unclear.
This development has ignited speculation based on the sheer amount of the withdrawal. This huge token extraction from the centralized crypto exchange to the individual wallet highlights significant belief in $WIF. The allocation of this amount for vesting may indicate a systematic token distribution instead of an outright sale. The wallet owner sent the redeemed $WIF to a couple of wallet addresses.
Potential Impact of Withdrawal Remains to Be Seen
This $WIF extraction, keeping in view the large amount of its value, underscores the possibility of substantial market volatility. However, the present statistics do not show any immediate fluctuations in $WIF’s price. Market onlookers continue to watch for the potential impact of this development on the market.
