AUCTION Whale Manipulation? Prices Fluctuate Dramatically, Rapid Retracement After Historical High!
According to on-chain monitoring, a suspected whale/institution manipulating the AUCTION market withdrew a total of 2 million AUCTION from Binance through 4 addresses between February 23 and March 16, accounting for 26% of the total supply. During this period, the AUCTION price surged from $12 to $26, nearly depleting Binance's inventory, and market liquidity plummeted.
On March 17, this institution suddenly flowed back 500,000 AUCTION (approximately $16.9 million) to Binance, directly causing the price to retrace from $35 to $31. However, this sell-off did not stop the upward trend of AUCTION, as the price continued to rise, breaking the historical high of $68 this morning before quickly falling back to $45, with extreme volatility.
As of now, the institution still holds 1.5 million AUCTION (approximately $67.5 million) through 3 addresses, accounting for 20% of the total supply, maintaining market dominance in their hands.
Short-term trading requires caution, pay attention to large on-chain transfers, and avoid becoming the bag holder. How far do you think AUCTION can go? Welcome to discuss!
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