On-chain analytics platform Lookonchain has identified 2 cryptocurrencies that witnessed massive whale sales earlier today. Sales took place on Binance and OKX.
This group of whales collectively sold 6.8 million GMT
Lookonchain reported earlier today that 3 whales were selling GMT in bulk. Whale sales were made through OKX, one of the largest central exchanges. Whales have sold 6.83 million STEPN (GMT) in total. Interestingly, the same individuals had previously withdrawn GMT from Binance while the altcoin was trading at a higher price.
Data from Lookonchain shows that the same whales retraced GMT on December 7 and December 8, 2022, from around $0.4 in price. According to CoinMarketCap, if these whales decide to sell the remaining GMT tokens, the altcoin will face strong selling pressure.
We noticed that 3 whales deposited 6.83M $GMT ($1.71M) to #OKX 2 hrs ago.
They withdrew $GMT from #Binance on Dec 7 and Dec 8, 2022, when the price was ~$0.4。
Will they sell $GMT at a loss?https://t.co/kS2cRg8d89https://t.co/vI6qB2vQ1xhttps://t.co/LOj2trxuDr pic.twitter.com/tncLtHN1PF
— Lookonchain (@lookonchain) July 18, 2023
GMT price drops hard
The price of STEPN (GMT) gained more than 5% after the morning’s whale sales. It is currently trading at $0.2415. This loss caused GMT to weaken by about 0.23% against Bitcoin as well. Meanwhile, GMT was still leading 0.31% against Ethereum (ETH) at the time of writing.
Additionally, the recent price drop of GMT didn’t have much of an impact on its weekly performance. That’s because it’s still steadily rising at +14.39% over the past seven days. The altcoin’s monthly performance was also still bullish as it was in the green more than 24%.
Whale Alert reports that this cryptocurrency whale is heavily selling MATIC
Polygon (MATIC) witnessed a $7.4 million transfer of a whale today. The whale in question transferred 9,839,786 MATIC to Binance earlier this morning. The total transfer is estimated to be worth $7,486,533.
🚨 9,839,786 #MATIC (7,486,533 USD) transferred from unknown wallet to #Binancehttps://t.co/80ny6sgovC
— Whale Alert (@whale_alert) July 18, 2023
This post followed another tweet made today by the whale watching firm that revealed that more than $11.4 million in MATIC was transferred from Polygon Staking to an unknown wallet. On-chain data shows that the wallet that receives this transfer is different from the wallet that transfers to Binance.
🚨 15,000,000 #MATIC (11,438,837 USD) transferred from Polygon Staking to unknown wallethttps://t.co/ieF9ucCaAs
— Whale Alert (@whale_alert) July 18, 2023
However, it was noteworthy that the two transactions took place less than 30 minutes from each other. Therefore, it would not be wrong to say that both operations are performed by the same user. However, if MATIC transferred to Binance is sold for market making or other purposes, it will inevitably cause a price drop for the altcoin.
What’s next for MATIC?
MATIC is currently down 3.5% over the last 24 hours. It is trading at $0.7524 at the time of writing. From a technical perspective, the altcoin fell below the critical support of $0.7897 on the last trading day. Additionally, the price of MATIC is currently struggling to hold $0.7515. After this level, the whales may move to the next support at $0.7118.
