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The deep pocket traders sparked a price accident over the weekend after having submitted a huge part of the supply of an Altcoin to the exchanges of digital assets.
According to the Lookonchain blockchain follow -up company, whales on the rebound market (auction) considerably influenced the action of Altcoin prices for last week, causing massive oscillations in both directions.
BOUNCE FINANCE is a decentralized auction platform allowing auction for various assets, such as physical assets to tokenized on blockchain and non-butties (NFTS).
Auction tokens are used for governance, development and costs of participation in the auction or creation of NFT on the platform.
Lookonchain says that in recent days, whales have sent more than 14% of the binance auction supply, the largest crypto exchange in the world in volume and OKX. These deposits probably led the parts sold on the free market, which ultimately dropped prices.
Said Lookonchain,
“The auction whales deposited 1.08 million auctions ($ 48.6 million, 14.26% of the total offer) in Binance and OKX again, causing a price drop of 50%.
Pay attention to price changes. »»
At the time of the editorial staff, the auctions did not recover, currently negotiating at $ 20.93 with a market capitalization of $ 137 million. The auctions are classified as the 363rd largest cryptographic asset by market capitalization.
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Image generated: Midjourney