A BNB whale that had remained dormant for two years has sold $2.3 million worth of their Binance Coin holdings, according to on-chain data shared by blockchain sleuth Lookonchain.
Per details in a tweet posted on Monday, the account showed the whale had sold a total of 10,000 BNB today. The wallet address initially held 25,000 BNB coins that it had HODLed since June 2021.
“A whale that has been dormant for 2 years sold 10,000 $BNB ($2.3M) at $230 today. This whale was a #SAFEMOON whale before and made 110K $BNB ($47.5M at that time) with only 10 $BNB ($2,400 at that time) on #SAFEMOON.”
The said whale had accumulated 110,000 BNB after transferring 10 BNB to SafeMoon and receiving 100 trillion SAFEMOON tokens. They however dumped the majority of these SAFEMOON holdings to acquire the 110k BNB at $47.5 million at the time.
Today’s BNB sale was at the price of $230, which was more than 2% down in the past 24 hours at the time the whale liquidated the holdings.
BNB price outlook as whale dumps
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BNB is the native coin of Binance, the world’s largest cryptocurrency exchange by volume. The whale’s move comes at a time when the price of the token dumped over 22% in the past week and is struggling more than 66% down from its all-time high near $690, which it reached in November 2021. While the bear market of 2022 is responsible for the huge declines in value from the ATH, the current negative sentiment triggered by last week’s lawsuit against Binance and its CEO Changpeng Zhao has been a factor.
BNB fell below $300 in the week before the news, and dropped beyond the $250 level as the US Securities and Exchange Commission (SEC) also sued crypto exchange Coinbase.
There hasn’t been a major move in the altcoin‘s price following the whale’s move. However, with the market in the midst of widespread negativity, speculation could induce further downside pressure and impact the token’s value.
Nevertheless, from a technical point of view, analysts believe BNB is due a relief bounce after testing a key support area. According to Michael van de Poppe, a sweep to the $220 lows is also possible.
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