Whales Cause Price Crash in Bounce (AUCTION) Market
Deep-pocketed traders triggered a price crash over the weekend after depositing a huge chunk of an altcoin’s supply to digital asset exchanges. According to blockchain tracking firm Lookonchain, whales in the Bounce (AUCTION) market have been greatly influencing the altcoin’s price action for the past week, causing massive swings in both directions.
About Bounce Finance and AUCTION Tokens
Bounce Finance is a decentralized auction platform enabling auctions for various assets, such as physical assets tokenized on the blockchain and non-fungible tokens (NFTs). AUCTION tokens are used for governance, staking, and fees for participating in auctions or creating NFTs on the platform.
Whales Depositing AUCTION Tokens to Exchanges
Lookonchain reports that whales sent over 14% of the circulating supply of AUCTION to Binance and OKX, causing a significant impact on the market. The massive deposits of AUCTION tokens led to a sell-off on the open market, resulting in a 50% price plummet.
Current Status of AUCTION
As of now, AUCTION has not recovered from the price crash and is trading at $20.93 with a market cap of $137 million. AUCTION is ranked as the 363rd-largest crypto asset by market cap.
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