Institutional investment firm BlockTower triggered the decline by selling millions of dollars in the altcoin.
Reported by on-chain analysis platform Spot On Chain to data According to BlockTower, the average price was 10.5 dollars in the last 2 days. 1.51 million USD Coin (USDC) in return 150,304 Frax Share (FXS) sold. FXS’s corporate sales drop by more than 15% led.
According to the data, BlockTower still has 843 thousand dollars worth in these wallets. 91,693 FXS is available. Total profit the company has made so far from its FXS investment 960 thousand dollars exceeded.
While FXS stands out as the governance token of the Frax protocol, the project itself stands out as the first fractional algorithmic stablecoin protocol.
According to CoinGecko data, in the last two days 15.2% FXS losing value, at the time of writing from $9.15 is being traded.