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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.
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.
Lookonchain says that in the last several days, whales sent over 14% of the circulating supply of AUCTION to Binance, the largest crypto exchange in the world by volume, and OKX. Those deposits presumably led to coins being sold on the open market, which ultimately caused prices to plummet.
Says Lookonchain,
“AUCTION Whales deposited 1.08 million AUCTION ($48.6 million, 14.26% of the total supply) into Binance and OKX again, causing the price to plummet by 50%.
Pay attention to price changes.”
Source: Lookonchain/X
At time of writing, AUCTION has not recovered, currently trading at $20.93 with a market cap of $137 million. AUCTION is ranked as the 363rd-largest crypto asset by market cap.
