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Avalanche Price: AVAX Slips 10% Amid Massive Selloff By An Entity

Avalanche price noted a slump of more than 10% today, with ZachXBT revealing an entity shifting more than $54 million in AVAX token to multiple crypto exchanges.
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Avalanche Price: AVAX Slips 10% Amid Massive Selloff By An Entity

Highlights

  • Avalanche price slipped more than 10% today prompting discussions in the crypto market.
  • An entity has moved more than $54 million in AVAX token to multiple exchanges.
  • Despite the price drop, AVAX Open Interest stays higher, indicating a potential recovery ahead.

The Avalanche price has slipped more than 10% today, prompting market concerns. While the market participants were eagerly waiting for the potential reasons that have triggered the recent AVAX price slump, a popular crypto detective ZachXBT has shared crucial insights.

Notably, according to ZachXBT, an entity has dumped a massive amount of AVAX crypto to exchanges, potentially impacting the Avalanche price.

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Avalanche Price Slips Amid Massive Selloff

The recent dip in AVAX’s price can be traced to substantial token movements, as reported by ZachXBT, a well-known figure in crypto investigations. An entity, identified by the wallet address “0x327…94f30,” transferred approximately 1.96 million AVAX tokens, worth $54.2 million, to multiple crypto exchanges.

Notably, this massive transfer included significant deposits to Coinbase, Binance, and Gate.io, as well as cross-chain transactions via THORChain. This selloff is believed to have placed immense downward pressure on AVAX’s price, leading to its sudden 10% drop.

For context, large-scale transfers of cryptocurrencies to exchanges typically signal potential selloffs, which can spook the market and lead to rapid declines in the asset’s value. The significant volume involved in this transfer underscores the impact such moves can have on a cryptocurrency’s price.

Meanwhile, the revelation of this transfer provides a plausible explanation for today’s AVAX price drop, beyond broader market trends. ZachXBT’s report sheds light on the entity’s actions, suggesting that the rapid movement of such a large quantity of AVAX likely contributed to the token’s decline.

Also Read: US SEC Leverages Ripple XRP Case in Binance Lawsuit

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Will Price Recover?

The disclosure of the massive AVAX transfer has intensified market scrutiny and speculation. Investors are keenly watching how the market will react in the coming days, especially with such a significant amount of AVAX now potentially available for trading on major exchanges.

Notably, this situation reflects the volatility inherent in the cryptocurrency market, where large transactions by single entities can have outsized effects on price dynamics. Besides, Avalanche’s price dip is a stark reminder of the impact that large transactions can have on the market.

However, despite today’s selloff, Avalanche remains a prominent player in the blockchain space, known for its high-speed and scalable platform. The network’s fundamentals and growing ecosystem may provide resilience against short-term price fluctuations.

Meanwhile, as of writing, Avalanche price was down 10.18% to $25.12, after touching a 24-hour high of $27.90. On the other hand, AVAX’s trading volume from yesterday soared 108% to $505.33 million.

In addition, the Avalanche Open Interest (OI) also soared more than 10%, as per CoinGlass data, which indicates a bullish momentum for the crypto. Considering that, several market watchers anticipate a recovery in Avalanche price in the near term.

Also Read: Bitcoin Bull Run May Restart In September 2024, Here’s Why

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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