Deep-pocketed traders triggered a price crash over the weekend by transferring a significant portion of an altcoin’s supply to digital asset exchanges. According to data from Lookonchain, whales in the AUCTION market have been significantly impacting the altcoin’s price movements, leading to substantial fluctuations in both directions.
Bounce Finance is a decentralized auction platform that facilitates auctions for various assets, including physical assets tokenized on the blockchain and non-fungible tokens (NFTs). AUCTION tokens are utilized for governance, staking, and transaction fees related to participating in auctions or creating NFTs on the platform.
Lookonchain reports that in recent days, whales moved over 14% of the circulating supply of AUCTION to Binance and OKX, resulting in a drop in prices due to potential selling pressure on the open market. This action caused the price to plummet by 50%, with AUCTION currently trading at $20.93 and holding a market cap of $137 million. AUCTION is currently ranked as the 363rd-largest crypto asset by market capitalization.
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