<span will be exchanged for $SLF, and the whales seem to be taking the opportunity to sell>
Frontier Wallet, the project owner of $FRONT, announced on June 16 that it will rebrand and change it to Self Chain. It was announced on 8/19 that it will be opened on 8/27, with $FRONT 1:1 replacing the new token $SELF.
There was a small rise when the news was announced, but a certain whale on the chain transferred approximately $2.5 million worth of $FRONT to the exchange at this time. These tokens he had accumulated over the past few months. Usually if the project party wants to accumulate tokens, it will transfer the tokens from the exchange to the wallet on the chain, and if it wants to sell the tokens, it will transfer the tokens to the centralized exchange.
(Because the liquidity of centralized exchanges is usually better)
Although he may have deposited it into the exchange because of the convenience of replacement, I think he may have wanted to stop his losses. I think there are two reasons:
1. This is considered a good news. Generally speaking, if you buy in the rumor and sell in the news, there is a high chance that the price will fall after the good news is gone. He is likely to find a good time to sell in these days.
2. Although it is a 1:1 sell-off, the total circulation has changed from 1 million to 3.6 million, which means that the market value has been diluted, so it is actually negative in the long run.
Therefore, I think if there is an opportunity to build a position at the bottom in the past few days, you can consider participating, but it is not recommended to hold it for a long time. Stop the loss when it is necessary.