- FXS whales influenced the market as the hype observed last week cooled down.
- Frax Finance’s TVL and developer activity maintained a positive outcome despite the recent slowdown.
Frax Finance [FXS] is starting to experience the return of sell pressure after previously going through a bullish phase. Could this be a temporary short-term profit-taking event, or is there more to the story?
Is your portfolio green? Check out the FXS Profit Calculator
On-chain data revealed that some FXS whales were contributing to sell pressure at press time. A number of addresses holding a large amount of the Frax Finance tokens recently registered outflows totaling 1.42 million FXS tokens valued at over $8 million.
These outflows were observed towards the end of September. Moreover, most outflows went to one address, which was likely an exchange address.
Beware of $FXS selling pressure from whales!
0xd53E sold 219,674 $FXS for 773 $ETH ($1.29M) yesterday and currently has 1.03M $FXS($5.95M) left.
0x6C7d withdrew 1.42M $FXS ($8.18M) yesterday.
0xd53E and 0x6C7d appear to be the same whale, both receiving
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Author: Michael NderituDid you like this?
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