$AUCTION’s Enormous Sell-Off

$AUCTION has recently experienced a significant sell-off. According to crypto analyst Yu Jin, a major whale transferred 200K Bounce Tokens ($AUCTION) to Binance, leading to a 60% price drop. This liquidation has raised concerns among investors regarding the future of $AUCTION. CoinRank, a crypto analytical platform, shared details of the $AUCTION activity on their official social media platform, X account.

> 🚨 UPDATE: Massive $AUCTION Dump Underway
>
> According to on-chain analyst Yu Jin (@EmberCN), a major whale who previously withdrew 26% of the total $AUCTION supply just sent their final 200K tokens ($4.9M) to Binance.
>
> Timeline:
> – Since 4 AM: This whale transferred 1.5M $AUCTION… Read more

$AUCTION Dips by 60% Led by Staggering Whale Sell-Off

Yu Jin pointed out the recent $4.9M transaction of $AUCTION to Binance by a whale. Previously, this whale controlled 26% of the total token supply. They have now fully liquidated their holdings by sending the final 200K $AUCTION tokens to Binance. Initially, the whale transacted 1.5M $AUCTION, worth $49.88M, to Binance. Following that, project-associated addresses transferred an additional 359,000 $AUCTION tokens ($20.48M) to centralized exchanges like Binance, Gate.io, and OKX.

Increasing Selling Pressure Pushes $AUCTION’s Price from $57 to Just $23

These transactions have had a severe impact on the price of $AUCTION, resulting in a 60% price drop. In just ten hours, nearly 1.859M $AUCTION tokens, approximately 24.3% of the total supply, moved to exchanges. The increase in selling pressure pushed the price down from $57 to just $23.

Yu Jin mentions that this substantial price decline has triggered widespread concerns within the crypto sector. Investors are questioning the motivations behind this sell-off and the potential loss of interest in the project. As a result, the significant whale sell-off raises doubts about $AUCTION’s ability to recover its price in the short term.