Bluezelle (BLZ) drew investors’ attention when it rallied 425% between August 4 and September 20, reaching a 2023 price peak of $0.21. On-chain analysis explores how recent whale movements could impact BZL prices in the days ahead. 

Bluzelle’s price rallied toward the 2023 peak of $0.21 in September courtesy of a Binance trading pair. A number of bearish whale movements could send BLZ into a downward spiral. 

Crypto Data Sleuths Spotted Whales Moving BLZ Worth Millions

Failing to attract significant improvement in the underlying network traction to support its recent price rally, Bluzzelle’s price has lost 40% since the September 20 local top.

After racking up losses for three consecutive weeks, dysphoric crypto whales are preparing to sell. 

In a series of posts, crypto analytics platform LookOnchian reported how several crypto whale wallets began to shift their tokens into the Binance exchange on Wednesday. 

Wallets holding at least 1% or up to $100,000 of a cryptocurrency’s circulating supply are considered whales. Due to their financial muscle, they wield significant influence within a blockchain ecosystem. 

Notably, the 3 whale wallets in focus currently hold 134.5M BLZ (27% of the total supply) and are worth $16.2M at the current BLZ price of $0.12, according to Lookonchain. 

Hence, if these wallets offload a significant portion of their holdings, it could spook other strategic retail investors into selling. 

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Author: Ibrahim Ajibade

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