The cryptocurrency industry was shaken today by the loss of value of the leading cryptocurrency Bitcoin. However, the decline in BTC dominance is having negative effects on some altcoin projects. In particular, the BRC-20 focused launchpad announced by the Bakery Swap team yesterday brought about sharp increases in the BAKE token.
Impact of Bitcoin’s Depreciation
As of today, Bitcoin is gradually losing value. However, the decline in Bitcoin dominance negatively affects some altcoin projects in the market. The fact that BTC maintains its dominance despite the loss of value causes fluctuations in alternative cryptocurrencies.
Bakery Swap’s BRC-20 Launchpad Announcement
The Bakery Swap team announced that they have created a BRC-20 focused launchpad as of yesterday. This announcement, along with BRC-20 hype, caused sharp rises in the BAKE token. However, after this rapid rise, altcoin BAKE experienced a 15% loss in value today.
Whale Sales and Its Impact on BAKE Token
The price of $BAKE increases 100% today, driven by @bakery_swap's announcement of the launchpad project on #BRC20.
A whale(the 3rd largest holder) deposited 4.38M $BAKE($1.4M) to #Gateio after the price reached highs and currently holds 19.48M $BAKE($6.25M). pic.twitter.com/fM1g91jRMA
— Lookonchain (@lookonchain) December 6, 2023
According to information shared by Look On-Chain, a giant whale, the third largest owner of BAKE, deposited 4.38 million units of BAKE (worth $1.4 million) into the Gate.io exchange after prices reached their peak. This whale currently holds 19.48 million units of BAKE ($6.25 million worth). Along with the whale sales, if BAKE sells this large portfolio in the coming period, it may be exposed to sharper declines.
In summary, the losses in value experienced in the cryptocurrency market, together with the effect of Bitcoin, cause fluctuations especially in altcoin projects. Bakery Swap’s BRC-20-focused launch and whale sales in the BAKE token urge investors to exercise caution.
