Whale/Institution and Project Team holding a total of 26% of AUCTION supply transferred 1,109,000 tokens to a CEX today, causing a 50% price drop in 5 hours.

BlockBeats News, March 23rd. According to EmberCN monitoring, the whale/institution that previously withdrew 26% of the total AUCTION supply from Binance has transferred a total of 750,000 AUCTION (29.25 million USD) to Binance in the past 3 hours. The AUCTION price has plummeted from $57 in the early hours to $29 now, a 50% drop in just 5 hours.

This whale/institution has made a total of 2 transfers of accumulated AUCTION to Binance: On March 17th, they transferred 500,000 tokens to Binance, causing the AUCTION price to drop from $35 to $31; today, they transferred 750,000 tokens to Binance, causing the price to drop from $57 to $29. Currently, they still hold 750,000 AUCTION on-chain (23.85 million USD).

Additionally, the initial price drop of AUCTION today may have originated from actions taken by the project team's address: a multisig address of the project team started transferring 359,000 AUCTION (20.48 million USD) to exchanges such as Binance, OKX, Gate.io at 03:13. The transfer from the project team's address started at 03:13, and the AUCTION price started to drop at 03:15.