Cryptocurrency markets have been amid significant volatility lately. One of the factors contributing to this volatility is undoubtedly the movements of large investors, called “whales”, who trade on the stock exchanges. Today, some movements detected by on-chain data tracking platforms caused activity in the markets. Here is the behind-the-scenes of transfers involving cryptocurrencies such as LINK coin, BEER coin, MASK…
Teams at Beercoin and Mask Network (MASK) send coins to exchanges
According to data from the data tracking platform called Lookonchain, today, on June 18, a wallet thought to be associated with the Beercoin team started selling BEER tokens. After these sales, the BEERcoin price dropped by almost 60%. It was determined that the wallet in question transferred 8.88 billion BEER from the Beercoin team’s wallet with the address “8VY4LF…fDd5G2” and sold 8.7 billion of this amount for 1 million dollars in the last two days.
This raised suspicions among investors that the Beercoin team was manipulating the price. However, there is no official statement from the Beercoin team yet. Experts are closely monitoring how these sales will affect the future of Beercoin.
On the other hand, according to analyst Yu Jin’s findings, Mask Network Foundation transferred a total of 1.8 million MASK tokens in the last five days. 1.5 million of these transferred tokens (worth approximately $3.97 million) were sent to the Binance exchange in the last three days. It is thought that this may have contributed to the decline in the MASK price.
There is also activity in LINK coin and Ethereum
On the other hand, according to the data of the data tracking platform called The Data Nerd, a wallet thought to belong to a “whale” investor transferred 50,000 LINK tokens to the Kraken exchange today, June 18. The value of this transfer is estimated at approximately $682,000. It was determined that the same wallet transferred a total of $ 3.72 million worth of LINK tokens to Kraken in the last five days. These transfers may cause volatility in the LINK price. Investors are closely monitoring how these movements will affect the LINK market.
Finally, According to another detection by The Data Nerd platform, a wallet thought to belong to the cryptocurrency company named Genesis transferred 2,840 ETH to the cryptocurrency services company called FalconX today, June 18. The value of this transfer is approximately over 1 million dollars. According to the report, it is stated that the wallet in question transferred a total of 42,882 ETH (approximately 138 million dollars) to exchanges such as FalconX, Bitstamp and Coinbase in the last two months. It is a matter of curiosity how these transfers will affect the supply-demand balance in the Ethereum market.
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