According to Odaily, the Fantom Foundation's associated address has converted 357,000 CVX into 1.15 million USDT, leading to a 5% decrease in price. The wallet had initially purchased 436,000 CVX at approximately $28 per token, spending $12 million in March 2022. Over the past two years, some of these tokens were sold at a significantly lower price of around $3.38, resulting in a total loss of $10.7 million.
The conversion of such a large amount of CVX to USDT by the Fantom Foundation's associated address has had a noticeable impact on the market. The 5% drop in price following the transaction indicates the influence of large-scale conversions on the stability of the token's value. The significant loss incurred by the wallet also highlights the volatility and risk associated with cryptocurrency investments.
