Watch Out: Manipulation Alert on an Altcoin – A Group of Whales Has Taken Control of a Significant Portion of the Supply

One of the notable movements in the cryptocurrency market revolves around a token known as “Binance Life,” or 币安人生 in the Chinese community.

According to on-chain data, approximately half an hour ago, a large group of whales, believed to have influenced the price of this asset, withdrew a total of 30 million tokens (approximately $11.4 million) from the Binance exchange via three different wallets and transferred them to the on-chain environment.

Over the past three days, the aggressive accumulation of tokens by this particular group of addresses has had a significant impact on the price. During this period, the price of 币安人生 increased by 112%, rising from $0.17 to $0.36. Analysts warn that such intense accumulation movements may be related to manipulation.

Related News: JUST IN: Iran's Proposal for Peace in the Iran-U.S. Conflict Has Emerged

According to current data, the address cluster believed to be involved in the manipulation holds a total of 227 million tokens on the blockchain. This amount represents 22.7% of the total supply and is currently worth approximately $81.55 million.

On the other hand, this upward trend is not new. Previous data revealed that 87.85 million tokens (approximately $14.93 million) were withdrawn from Binance in just one day through nine different wallets allegedly belonging to the same group. Following this move, the token price quickly increased by 59%, rising from $0.17 to $0.27.

*This is not investment advice.

Continue Reading: Watch Out: Manipulation Alert on an Altcoin – A Group of Whales Has Taken Control of a Significant Portion of the Supply