In a surprising turn of events, influencers and major stakeholders in the LBR altcoin project have dumped millions of dollars’ worth of tokens on exchanges. This unexpected move has caused the price of LBR to plummet by a significant 44% in just one week.
Previously, it was revealed that a substantial portion of the Total Value Locked (TVL) in the LBR project came from a group of influencers and anonymous addresses. However, it seems that these supporters have recently decided to offload all their LBR tokens.
Notable among the sellers is blurr.eth, who held more than 34 thousand ETH in LBR, equivalent to around $70 million. They have dumped all their tokens on exchanges, with the last transaction taking place on January 15, 2024.
Another significant stakeholder, Sifuvision.eth, with over 6 thousand ETH staked in altcoins, or approximately $13 million, has also liquidated all their tokens. Their last transaction occurred just a few hours ago.
Even czsamsunsb.eth, a prominent holder of LBR tokens with 4K ETH, worth approximately $8 million, has followed suit and disposed of all their tokens. Their last transaction was also registered recently.
The actions of these influential figures have created uncertainty about the future of LBR. As the market reacts to these developments, it remains to be seen whether LBR can recover from this setback.
*Please note that this information is not meant as investment advice.