Whales in Altcoin Sell 715 Times More After Transformation: There is a Decrease in Price!

On-chain analysis platform Nansen pointed out serious selling pressure in an altcoin specific.

In his post dated May 15, Nansen included large sales of Aevo (AEVO) whales. Stating that the sales movement started in the early hours of May 15, analysts noted that more than $44 million worth of AEVO was transferred to central stock exchanges in the last 24 hours.

The reason for the intense sales was shown today's move to convert the assets of Ribbon Finance (RBN) token holders into AEVO.

Stating that this amount is 715 times more than the latest averages determined through signals, the Nansen front warned investors that the declines may deepen:

More than $44 million worth of tokens were sent to CEXs in the last 24 hours! (715 times the last average detected through signals). AEVO is down almost 30% in the last 24 hours.

According to CoinGecko data, AEVO, which lost nearly 30% of its value in the last 24 hours and then recovered slightly with the general momentum in the market, is traded at $0.795 at the time of writing.