In recent developments in the cryptocurrency space, major projects and large-scale investors have initiated significant sell-offs, triggering a wave of market reactions. From massive sales by the SatoshiVM team to questionable altcoin liquidations by the ONDO team to a giant whale offloading a significant amount of ETH, the crypto market is witnessing dynamic shifts that can impact prices and investor sentiment.
SatoshiVM team sold 124,739 SAVM altcoins from the project
Blockchain analysis platform Lookonchain reported that a wallet affiliated with the SatoshiVM (SAVM) team recently made a significant sale. The wallet associated with the SatoshiVM team liquidated 124,739 SAVM tokens worth $1.24 million. The transaction started by transferring 420,000 SAVM tokens worth $4.7 million from the SatoshiVM team’s wallet to the wallet in question. Additionally, as Lookonchain revealed, 189,700 of the SAVM tokens sold were distributed to 24 new wallets.
It is suspected that the ONDO team is also selling
Monitoring by @ai_9684xtpa on January 22 raised suspicions that the ONDO team was involved in a significant token sale. Approximately 20 million ONDO tokens were claimed to have been sold, potentially causing a 13% drop in the price of ONDO. The monitoring also revealed that an address received 50 million ONDO tokens (equivalent to $10.97 million) from the ONDO team’s multi-signature address three days ago. Moreover, this address deposited 10 million ONDO tokens to Gate and Kucoin just three hours before the tracking report.
Giant whale liquidated a large amount of ETH
In another market-moving event, a massive whale with a cumulative position of 58,911 ETH since September 19, 2023 was suspected of selling 3,000 tokens. Whale made the sale by selling 1,000 ETH directly via Paraswap and depositing an additional 2,000 ETH to Binance, for a total sale value of $7.26 million. If all tokens are sold, the whale will make a profit of $1.314 million. This move attracted attention and increased the current volatility in the cryptocurrency market.
As the cryptocurrency market goes through this significant sell-off, investors and enthusiasts are closely monitoring its impact on prices and overall market sentiment. The events involving SatoshiVM, ONDO and the giant whale underscore the dynamic nature of the crypto space, highlighting the need for a cautious approach in evolving market conditions.
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