C98 Whale Moves 3 Million Tokens to Binance, a Possible Dump Signal

IconCryptoNewsTerminal Staff13 Jun, 2024

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C98 Whale Moves 3 Million Tokens to Binance, a Possible Dump Signal

On-chain analyst "The Data Nerd" has analyzed a recent transaction involving a suspected C98 investor's wallet, revealing a potential sell-off signal. Approximately an hour ago, the wallet received its vested amount and subsequently deposited 3 million C98 tokens to Binance, an exchange known for its high trading volume. This transaction is estimated to be worth around $677,000. "This particular address has received 12 million C98 (roughly $3.54 million) in the last five months," The Data Nerd observed. "It has maintained a pattern of depositing to the exchange upon receiving." This behavior suggests that the whale may be preparing to sell a portion of their holdings, which could put downward pressure on the price of C98. Investors should monitor the situation closely and consider taking appropriate action to manage their risk.

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