As per the crypto analyst Yu Jin, a major Bounce Token ($AUCTION) whale has transferred 200K tokens to Binance, leading to a 60% price plunge. This huge liquidation has raised concerns among the investors about the future trajectory of $AUCTION. CoinRank, a crypto analytical platform, revealed factual details of $AUCTION activity through its official social media platform, X account.
According to on-chain analyst Yu Jin (@EmberCN), a major whale who previously withdrew 26% of total $AUCTION supply just sent their final 200K tokens ($4.9M) to Binance.
Timeline:
– Since 4AM: This whale transferred 1.5M $AUCTION…
https://t.co/SiWZH7obW7pic.twitter.com/4sJml2s0Ck— CoinRank (@CoinRank_io) March 23, 2025
The on-chain analyst pointed toward the recent transaction of $4.9M in $AUCTION by a whale to Binance. Formerly, the respective whale controlled up to twenty-six percent of the cumulative supply of the token. At present, the whale has wholly liquidated the holdings thereof.
In this respect, they have sent the final 200K $AUCTION tokens to Binance. Initially, the whale transacted a stunning 1.5M $AUCTION, accounting for $49.88M, to Binance. Following that, the addresses associated with the project also sent an extra 359,000 $AUCTION tokens, equaling $20.48M, to centrally controlled exchanges. These crypto exchanges take into account Binance, Gate.io, and OKX.
The respective whale transactions have resulted in a severe impact on the price of $AUCTION. This paved the way for a significant 60% price drop overall. Hence, within only ten hours, a cumulative of nearly 1.859M $AUCTION tokens, approximately 24.3% of the total supply, moved to exchanges. As a result of this, a dramatic rise in the selling pressure reduced the price of $AUCTION from $57 to just $23.
According to Yu Jin, the substantial price decline triggered broad-scale concerns within the crypto sector. Some raise questions about the possible motive behind this development while others speculate about the potential loss of interest in the project. Moreover, such a substantial whale sell-off makes it uncertain for $AUCTION to recover its price in the short term.