A whale holding 650 million altcoins in its wallet distributed 20 million altcoins to various wallets.
Whale dumped this altcoin on the market
The whale wallet, starting with 0x8163 and holding approximately 650 million Chiliz, transferred 20 million tokens. Today, the CHZ chart has formed an undecided Doji candle. However, with the low volume in the market, with the transfer of these tokens, will there be a dump? circulating questions. 0x8163 wallet transferred 20 million CHZ to 0x4da2. Then 0x4da2 moved over 18 million CHZs to multiple addresses in transactions consisting of a batch of 2 million CHZ each.
Except for the two wallets starting with 0x4044 and 0x1ae0, all other wallets still store the CHZ they received from 0x4da2. Together, these two wallets transferred CHZ 373.999 to OKX exchange. The 374,000 tokens sent to the stock market do not seem likely to create selling pressure. However, it is said that if the whale continues the transfers gradually, the decreases in the CHZ may go further.
Is a price dump coming?
Approximately 374 thousand CHZ transferred to exchanges cannot create selling pressure in the market. However, if the whale regularly transfers the remaining 20 million tokens to multiple wallets, it could affect the price given that the volume is low. On December 19, the whale similarly transferred 14 million CHZ tokens. First they moved 14 million CHZ to 0x4da2. The tokens were then spread across multiple wallets in batches of 1.4 million CHZ. The CHZ price, on the other hand, dropped about 10% on December 19.
Previously, wallet 0x8163 used the same model. However, on December 8, it transferred 20 million CHZ to 0x4da2. To date, the price has dropped over 32%. The wallet currently holds approximately 650 million Chiliz. If they continue to transfer tokens in this way to exchange, this could have a significant impact on the CHZ price.
Recently, CHZ has fallen
Chiliz (CHZ) is bearish as it has dropped as much as 64% in 50 days. cryptocoin.com As we mentioned before, this entertainment and sports-based blockchain platform is built on Socios. It allows fans to interact with sports brands and teams. However, users can take full advantage of the platform to share and distribute exclusive information and news from their favorite sports teams and also freely share their views on the latest news.
The 2022 FIFA World Cup supported Chiliz while increasing orders. However, Chiliz doesn’t seem to be keeping up with the rest of the cryptocurrencies. Also, this cryptocurrency is either lagging behind or going down.