According to data from blockchain analysis platform Lookonchain, some wallets with large amounts of ai16z tokens have begun selling their assets at high profits.
A wallet named CAR4F9…7XHT sold 1.14 million ai16z for 10,856 SOL (approximately $2.25 million) last night, while its wallet has 285,000 ai16z (approximately $568,000) remaining. A similar transaction occurred with a wallet named 6C6bwA…MLxE. This wallet sold 1.03 million ai16z for 2.49 million USDC and still has 3.42 million ai16z (approximately $6.8 million).
In addition, another whale sold all of its 2.27 million ai16z tokens (worth $4.77 million) at a price of $2.1 6 hours ago. With this transaction, the whale earned approximately $4.47 million (1,008 percent profit) from ai16z.
Binance Futures and the Rise of ai16z
These sales also appear to be linked to the AI16ZUSDT perpetual futures contract that Binance Futures launched on Jan. 2. Binance provided traders with the opportunity to increase trading volume by offering a maximum leverage of 75x for the ai16z token.
This development increased ai16z’s trading volume, causing sudden fluctuations in the token’s price. While the token’s trading volume increased by 70 percent, its price experienced an 18 percent decrease on a daily basis.