- The cryptocurrency markets have recently been experiencing significant volatility.
- One of the contributing factors to this volatility is the activities of large investors, often referred to as “whales,” who conduct massive transactions on exchanges.
- Today, on-chain data tracking platforms have identified some notable movements involving cryptocurrencies like LINK, BEER, and MASK, causing a stir in the markets.
Stay updated with the latest fluctuations in the crypto markets as whales make significant moves. Read on to discover how these transactions impact prices.
Major Activity in BEER Coin and Mask Network (MASK)
According to Lookonchain, an on-chain data tracking platform, a wallet associated with the Beercoin team began selling BEER tokens today, June 18. This aggressive selling led to a dramatic price plunge of over 60% for BEERcoin. The wallet, associated with the Beercoin team by its identifier “8VY4LF…fDd5G2,” transferred 8.88 billion BEER tokens, selling about 8.7 billion of these for $1 million over the last two days.
Suspicious Activity Highlights Market Manipulation Concerns
This significant sell-off has raised concerns among investors, leading to suspicions of price manipulation by the Beercoin team. As of now, there has been no official statement from the Beercoin team. Experts are closely watching how this development will influence Beercoin’s future.
Additionally, analyst Yu Jin reported that the Mask Network Foundation has transferred a substantial 1.8 million MASK tokens over the past five days. Of these, 1.5 million tokens (worth approximately $3.97 million) were sent to the Binance exchange in just three days, potentially contributing to a price decline in MASK.
Intermediate Moves in LINK Coin and Ethereum
In another significant development, The Data Nerd platform observed a whale investor transferring 50,000 LINK tokens, valued at about $682,000, to the Kraken exchange on June 18. Over the past five days, this wallet has deposited a total of 250,000 LINK tokens (worth approximately $3.72 million) to Kraken. These transfers are causing notable price volatility in LINK, with investors keenly monitoring the situation.
Large Ethereum Transfers by Genesis
The Data Nerd platform also identified a wallet attributed to Genesis, a major cryptocurrency institution, transferring 2,840 ETH to FalconX, a crypto services company, today, June 18. This transfer is valued at over $9.7 million. Over the last two months, this wallet has moved a total of 42,882 ETH (worth approximately $138 million) to various exchanges like FalconX, Bitstamp, and Coinbase. Market watchers are curious to see how these substantial transfers will affect the supply-demand dynamics in the Ethereum market.
Conclusion
In summary, today’s observed transactions by major players have led to increased volatility in the crypto markets. From significant BEERcoin and MASK token movements to substantial LINK and Ethereum transfers, these activities are reshaping the market landscape. Investors and analysts are closely observing these developments to understand their long-term implications on prices and market stability.
