AVAX price plummets 10%, huge sell-off raises market concerns
Today, the price of AVAX suffered a heavy fall, falling by more than 10%. An entity transferred more than $54 million worth of AVAX tokens to multiple cryptocurrency exchanges. This large-scale sell-off has caused widespread concern in the market.
The decline in AVAX prices is closely related to the flow of large amounts of tokens
The recent decline in AVAX prices has been attributed to an entity associated with the wallet address "0x327...94f30", an authority in the field of cryptocurrency investigations, which transferred approximately 1.96 million AVAX tokens worth up to $54.2 million across multiple cryptocurrency exchanges.
This large-scale transfer involved large deposits to platforms such as Coinbase, Binance, and Gate.io, as well as cross-chain transactions through THORChain. The influx of these tokens put tremendous downward pressure on exchanges, causing AVAX prices to suddenly plummet by 10%.
Large-scale transfers to exchanges often indicate potential sell-offs, which can trigger market panic and cause the market value of assets to fall rapidly. Recently, the news of AVAX's huge transfer has attracted widespread attention and heated discussions among investors, and a large number of AVAX tokens have suddenly appeared on major exchanges.
Among them, huge transactions by a single entity can often have a disproportionate impact on price trends. The recent price plunge of Avalanche is a vivid example of the impact of such transactions on market sentiment and asset prices.
Despite today's sell-off, AVAX still occupies a pivotal position in the blockchain field. It is known for its high-speed and scalable platform characteristics, and the network's solid foundation and expanding ecosystem are expected to mitigate the impact of short-term price fluctuations.
According to the latest data, the price of AVAX has fallen by 10.1825.12 after a one-day peak of 27.90. At the same time, AVAX's trading volume surged 108%, jumping from the previous day's value to $505.33 million.
In addition, according to CoinGlass data, AVAX's open interest increased by more than 10%, showing bullish momentum in the cryptocurrency market. According to these indicators, AVAX's price may rebound in the future.
Follow the intermediary or pin it to the top, layout the bull market strategy, share various passwords, just to increase followers, don’t be a runner-up in the bull market, just be the winner of the bull market!
