As a seasoned crypto investor with battle scars from numerous market fluctuations, I can’t help but feel a sense of deja vu when reading about Animoca Brands’ recent actions with the PIXEL token. The whale activity and massive dump by Animoca Brands, coupled with the impending token unlock, has me treading on familiar ground – a potentially bearish market situation.
Yesterday, Animoca Brands, a company specializing in blockchain games, sparked excitement within the cryptocurrency sector by significantly selling off their PIXEL tokens. Recent data from the blockchain shows an increase in whale activity related to this coin as well. With a significant release of tokens for the gaming-focused crypto project imminent, these market trends have left investors worried about potential price fluctuations in the future.
Animoca Brands Offloads 20M PIXEL To Binance, Investors Apprehensive Ahead Of Unlock
On September 19th, based on Arkham Intelligence’s findings, the wallet ‘0x80AD37a41,’ possibly associated with Animoca Brands, transferred approximately 20 million PIXEL tokens, equivalent to around $2.44 million, to Binance, a prominent cryptocurrency exchange. This data suggests that these coins were purchased at an average price of roughly $0.1356 each. Interestingly, after this significant transaction, the wallet held very little of the stated token.
As I delve into my analysis, Santiment’s data has unveiled an intriguing trend within the gaming-crypto project. Over the last 24 hours, there’s been a staggering 750% increase in whale transactions. This surge could be indicative of elevated on-chain activity. Given that a significant token unlock for the coin is imminent, it seems plausible that these whales might be offloading their holdings in anticipation.
According to TokenUnlocks data, approximately 54.38 million coins are poised for release in the cryptocurrency market today, September 19. This represents around 7.05% of the total circulating supply and could potentially impact the asset’s value.
To clarify, frequent releases of previously locked coins into the market can significantly impact a currency’s value because while the supply increases, the demand often stays constant during this process. This strategic practice is known as token unlocking.
In summary, the large-scale sale by Animoca Brands and increased buying from major investors before the asset’s unlock suggests potential downward trends in its future price movements, causing some investors to express concern.
Is PIXEL Price Readying For Fall?
Today, PIXEL’s price experienced a significant increase of almost 3% over the past day, reaching $0.1445. The token’s lowest and highest prices within this period were $0.1275 and $0.1483 respectively. This price surge aligns with the broader crypto market trend, which is buoyed by optimism following the Federal Reserve’s recent interest rate reduction.
Despite the large release of tokens by Animoca Brands and the impending unlock event, many investors are expressing worry about the potential impact on the coin’s price trend. Typically, token unlocks are seen as a negative factor in the market, often causing an asset’s value to decrease.
Additionally, data from Coinglass today highlighted a significant drop of approximately 3.5% in the coin’s futures Open Interest (OI), bringing it down to $14.91 million. This development has added fuel to the bearish sentiments among investors regarding the potential future direction of the asset’s price.
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2024-09-19 11:46