LIVELargest BOME Holder Transfers 9 Million Tokens Via Wormhole To Ethereum Network
According to Foresight News, the largest holder of BOME, known as sundayfunday.sol, has reportedly transferred 9 million BOME tokens to the Ethereum network via Wormhole. The transaction, valued at approximately $83,000, was detected by on-chain analyst @ai_9684xtpa.
The receiving address had created a smart contract for ERC-721 and ERC-1155 interactions about 10 hours prior to the transaction. The smart contract was then used for interactions. This move by the largest BOME holder indicates a significant shift in the token's distribution and could potentially impact its market dynamics.
The use of Wormhole for the transfer also highlights the growing trend of cross-chain transactions, which allow for greater flexibility and interoperability between different blockchain networks. This development could have implications for the broader cryptocurrency market, particularly for tokens like BOME that are not native to the Ethereum network.
LIVEWhy is Bitcoin leaving exchanges?
A platform called CryptoQuant says the withdrawals show that people are collecting Bitcoin. This happens after Bitcoin's price dropped by 10%. However, the market seems to be cooling down now, suggesting prices might go up soon.
CryptoQuant thinks the increase in Bitcoin withdrawals might be because people are getting ready for the Bitcoin halving. This usually means more people are holding onto Bitcoin, hoping its price will go up in the future. So, the rise in withdrawals shows a change in how people see the market.
Also, there's been less trading with borrowed money in the crypto market. This is seen as a good thing because it follows a period of high trading.
Moreover, Bitcoin is now in a support zone according to a metric called Short-Term Holder Spent Output Profit Ratio (STH SOPR), which suggests it might be a good time to buy. This has historically happened just before the price goes up.
What's Bitcoin's price doing?
Right now, Bitcoin is trading at $63,000, with a small 0.49% increase in the last 24 hours. Its market cap went up by 0.47% to $1.2 trillion, but trading volume went down by 19% to $36.7 billion. This difference between price and trading volume shows how tricky the market is right now.
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