Drastic drop in AUCTION price after large deposits to Binance and OKX at the end of March

Jakarta, Pintu News – The cryptocurrency market was again surprised by a significant price drop at the end of last week, where whales deposited large amounts of altcoins on several leading exchanges. According to data from Lookonchain, a blockchain tracking firm, this activity had a major impact on the price of AUCTION, the token used in Bounce Finance’s decentralized auction platform.

Whale Influence on Market Dynamics AUCTION

Whales, or traders with very large amounts of assets, have shown their strong influence on AUCTION prices over the past few days. Bounce Finance, as a platform that facilitates auctions for various assets, including tokenized physical assets and non-fungible tokens (NFTs), uses AUCTION as a tool for governance, staking, and participation fees.

According to Lookonchain, more than 14% of AUCTION’s circulating supply has been sent to Binance and OKX, where it is likely to be sold on the open market. The impact of these large deposits was felt immediately, with the price of AUCTION dropping by 50%. This shows how sensitive the cryptocurrency market is to large moves by large asset holders.

Also Read: Why is Bitcoin (BTC) Following the 2024 Summer Trend? Check out the Next Prediction!

Detailed Transactions and Their Impact on Price

Lookonchain notes that a total of 1.08 million AUCTION, worth approximately $48.6 million, have been deposited into Binance and OKX. This represents 14.26% of the total circulating supply. These large deposits show not only the high liquidity of AUCTION, but also how the resulting selloff can shake up the market.

This price drop caught the attention of investors and market analysts, as it showed the vulnerability of the AUCTION price to a massive sell-off. Currently, AUCTION is trading at $20.93 with a market capitalization of $137 million, ranking it as the 333rd largest crypto asset by market capitalization.

Outlook and Advice for Investors

Despite the sharp price drop, Bounce Finance remains an innovative platform with significant growth potential. The use of AUCTION in digital and physical asset auctions offers unique added value in the NFT and blockchain markets. However, investors should be wary of high volatility and potential market manipulation by whales.

It is important for investors to monitor on-chain activity such as large deposits to exchanges, as this can be an early indicator of significant price changes. With the right strategy and a deep understanding of market dynamics, investors can capitalize on opportunities despite the risks involved.

Conclusion

Awareness of the influence of large transactions within the cryptocurrency market is key to successful navigation. By understanding the dynamics behind price movements such as those that occur at AUCTION, market participants can be better prepared for sudden fluctuations and make more informed investment decisions.

Also Read: Lighter Tariff Hike Triggers Altcoin Surge: Solana, DOGE, and ADA Shine

That’s the latest information about crypto news today. Get more information about crypto academy from beginner to expert level only at Pintu Academy and enrich your knowledge about the world of crypto and blockchain.

Follow us on Google News to get the latest information about crypto and blockchain technology. Enjoy an easy and secure crypto trading experience by downloading Pintu Crypto via Google Play Store or App Store now.

Experience web trading with advanced trading tools such as pro charting, various order types, and portfolio tracker only at Pintu Pro. Click Register Pintu if you don’t have an account or click Login Pintu if you are already registered.

*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• Daily Hodl. Whales Abruptly Deposit Ethereum Altcoin to Binance and OKX, Causing Price to Plummet 50%: On-Chain Data. Accessed on March 26, 2025
• Featured Image: Cointelegraph