Big investors triggered a massive price drop for the Bounce (AUCTION) altcoin over the weekend.
Whale Moves and Market Impact
According to blockchain analytics, large AUCTION holders (whales) have been heavily influencing the coin’s price for the past week, causing wild swings. Bounce Finance is a platform for auctioning off various assets, including NFTs. AUCTION tokens are used for governance and fees on the platform.
The Crash
Over the last few days, whales moved a huge amount of AUCTION – over 14% of the total supply – to Binance and OKX, two major cryptocurrency exchanges. This massive deposit likely led to a large sell-off, causing the price to plummet by a staggering 50%. The total value of AUCTION deposited was approximately $48.6 million.
Aftermath and Current Status
As of now, the AUCTION price hasn’t recovered. It’s currently trading around $20.93, giving it a market cap of $137 million. It’s ranked as the 363rd largest cryptocurrency.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.
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