Analytics Firm Warns: Developers of This Altcoin May Soon Sell on Binance
The whale with the short name 0x044 transferred 75,471 SSV Network (SSV) tokens worth $2.13 million to the GSR Markets Binance deposit address.
According to Spotonchain analysts, this transfer indicates that the wallet belongs to SSV Network developers and may make more transfers from the wallet to Binance for sale purposes soon. The whale wallet in question transferred SSV out for the first time.
Balina wallet had previously received 344,740 SSV tokens, worth $12.2 million at that time, from SSV Network developers on February 19, 2023. Despite the recent Binance transfer worth $2.13 million, the wallet thought to belong to SSV Network developers still contains 269,268 SSV tokens worth $7.60 million.
The altcoin, which started the day at around $28, dropped to $25.88 after the sales news, but with the recovery it experienced, it is trading at $27.49 at the time of writing this article.
Regardless of the SSV token, in another whale transaction, a giant cryptocurrency wallet withdrew $5.6 million worth of Shiba Inu (SHIB) from Binance within 15 minutes at an average price of $0.000009324. The whale in question had accumulated $2.05 million in SHIB at an average price of $0.000008195 on November 24, 2023. The wallet, which contains a total of $7.81 million in SHIB tokens, is thought to have a profit of approximately $320,000 (4.2%).
*This is not investment advice.