$AUCTION has recently gone through an enormous sell-off. As per the crypto analyst Yu Jin, a major Bounce Token ($AUCTION) whale has transferred 200K tokens to Binance, leading to a 60% price plunge. This huge liquidation has raised concerns among the investors about the future trajectory of $AUCTION. CoinRank, a crypto analytical platform, revealed factual details of $AUCTION activity through its official social media platform, X account.
$AUCTION Dips by 60% Led by Staggering Whale Sell-Off
The on-chain analyst pointed toward the recent transaction of $4.9M in $AUCTION by a whale to Binance. Formerly, the respective whale controlled up to twenty-six percent of the cumulative supply of the token. At present, the whale has wholly liquidated the holdings thereof.
In this respect, they have sent the final 200K $AUCTION tokens to Binance. Initially, the whale transacted a stunning 1.5M $AUCTION, accounting for $49.88M, to Binance. Following that, the addresses associated with the project also sent an extra 359,000 $AUCTION tokens, equaling $20.48M) to centrally controlled exchanges. These crypto exchanges take into account Binance, Gate.io, and OKX.
Increasing Selling Pressure Pushes $AUCTION’s Price from $57 to Just $23
The respective whale transactions have resulted in a severe impact on the price of $AUCTION. This paved the way for a significant 60% price drop overall. Hence, within only ten hours, a cumulative of nearly 1.859M $AUCTION tokens, approximately 24.3% of the total supply moved to exchanges. As a result of this, a dramatic rise in the selling pressure reduced the price of $AUCTION from $57 to just $23.
According to Yu Jin, the substantial price decline triggered broad-scale concerns within the crypto sector. Some raise questions about the possible motive behind this development while others speculate about the potential loss of interest in the project. Moreover, such a substantial whale sell-off makes it uncertain for $AUCTION to recover its price in the short term.
