The cryptocurrency AUCTION has experienced a significant price increase, surpassing $30 after Upbit, a prominent South Korean exchange, announced its listing.
This development has revitalized interest in the token, especially among major holders.
The #AUCTION price pumped up to 68% after #Upbit listed AUCTION/KRW today!
Note that 6 out of the 25 top AUCTION-holding wallets have been inactive for 6 months to 2 weeks.
They currently hold 681,450 #AUCTION ($18.09M) in total, with 5 of them in profit!
Do you think they… pic.twitter.com/m6JBNMc7xj
— Spot On Chain (@spotonchain) May 29, 2024
A notable whale, who had been holding AUCTION for three months, finally reached breakeven with this price surge.
The investor initially withdrew 59,599 AUCTION, valued at $1.79 million, from Binance at $30 on February 29. Following this withdrawal, AUCTION’s price steadily declined until the recent Upbit announcement reversed the trend.
6 Inactive Wallets Currently Hold 681,450 AUCTION, Worth Approximately $18.09 Million
The impact of this listing is underscored by the activity, or lack thereof, among the top AUCTION-holding wallets.
Six out of the top 25 wallets, which have been inactive for periods ranging from two weeks to six months, currently hold a substantial total of 681,450 AUCTION, worth approximately $18.09 million. Of these, five wallets are now in profit, reflecting the positive market reaction to the Upbit news.
The price of #AUCTION rose above $30 after #Upbit announced the listing of #AUCTION.
A whale finally reached breakeven after holding #AUCTION for 3 months.
He withdrew 59,599 #AUCTION($1.79M) from #Binance at $30 on Feb 29, and then the price of #AUCTION began to fall until… pic.twitter.com/bEu0lGUGpI
— Lookonchain (@lookonchain) May 29, 2024
This resurgence in AUCTION’s value illustrates the influence that major exchange listings can have on cryptocurrency prices, providing liquidity and market confidence.
For long-term holders, particularly those who endured the previous downturn, this development represents a significant recovery and potential profit-taking opportunity.
However, it’s essential for investors to stay vigilant and consider the volatility that can accompany such price movements. The AUCTION token’s recent performance highlights both the opportunities and risks inherent in the crypto market, driven by external announcements and market dynamics.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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