- BNT whale transfers leaped to a yearly high in the last 24 hours.
- Liquidations by whale investors sent BNT prices down.
Holders of the decentralized exchange token Bancor [BNT] experienced a frenzy of emotions over the weekend. Following an 18-month high on the back of steady accumulation by whales, BNT lost almost half of its market value as some influential cohorts dumped their holdings.
The rise and fall of BNT
Since the 8th of November, things started to turn around for the small-cap crypto, which has remained fairly quiet in 2o23. In fact, the token recorded astonishing gains of more than 60% in the last week, according to CoinMarketCap.
The pump was significantly aided by the accumulation activity of influential user cohorts. As per on-chain analytics firm Santiment, wallets holding more than 10,000 coins were aggressively stockpiling over the past two weeks.
Source: Santiment
The activity reached a peak in the last 24 hours as Bancor transfers worth over a million leaped to a yearly high, as shown below. In the same period, the supply held by wallets holding over 10,000 coins increased to its highest level since January 2022.
While it was going well, the rally was eventually stopped by profit-hungry traders. AMBCrypto scrutinized Santiment’s data and found a sharp drop in holdings of the cohort with 1 million-10 million BNT coins.
In fact, outflows of more than 16 million were seen after the price broke past $1.8.
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Author: Aniket Verma
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