The price of Bluzelle (BLZ), one of the altcoins preferred by whales, experienced a sharp decline.
According to Lookonchain's post, the whales said that they moved and sold their BLZ tokens to the stock market at a loss.
Accordingly, a whale deposited 12.16 million BLZ (worth $1.45 million) on Binance today at a loss.
With this action, Whale caused the BLZ price to drop by approximately 14%.
Stating that there are other whale addresses with BLZ, Lookonchain stated that these whales have a total of 134.5 million BLZ (worth 16.2 million dollars), and these BLZs correspond to 27% of the total supply.
At this point, it was also stated that if these three whales transfer BLZ to the stock exchanges, there is a possibility of a sharp decline in the BLZ price.
“A whale wallet deposited 12.16 million BLZ ($1.45 million) to Binance today at a loss, causing the BLZ price to drop approximately 14%.
Three whale addresses hold a total of 134.5 million BLZ ($16.2 million), which corresponds to 27% of the total supply.
Wallets 0xBf2B and 0xE8F1 may belong to the whale that received 109.8 million BLZ (22% of the total supply) from Binance during the BLZ price increase in August.
Whale is currently profitable and if it sells its BLZ, it will greatly affect the BLZ price.
Wallet 0xCc82 received 24.75 million BLZ ($2.98 million) from Binance on September 26, when the BLZ price was $0.19.
The 0xCc82 wallet received BLZ from Binance on the same day as the whale wallet that sold BLZ today. At this point these may be the same whale.
So it is possible that this wallet made a loss in BLZ.”
Over the last few days, BLZ has dropped nearly 14%, dropping from $0.135 to $0.116.
*This is not investment advice.