Crypto News

Cyber Connect’s Native Token $CYBER Plummets By 10% Amidst On-Chain Activity

The native token of the Web 3 social network Cyber Connect, $CYBER, experienced a sharp decline of 10% today, following a brief attempt to rally.

The downturn comes amidst notable on-chain activity, shedding light on significant transactions involving key stakeholders.

Spotonchain reports indicate that Wallet 0x59e, associated with DWF Labs, deposited 66,567 CYBER ($910K) to Binance at a price of $13.64. This wallet had received the CYBER tokens from Wallet 0xddA of DWF Labs 42 days ago, when the price was significantly lower at $7.814 ($522K).

DWF Labs, a prominent player in the $CYBER ecosystem, has been involved in several transactions related to the token. They initially received 200,000 CYBER from the Cyber Connect Multisign in August 2023, when the price was $6.165 ($1.23M). 

Subsequently, they withdrew 134,020 CYBER from Binance at an average price of $7.814 ($1.05M) in February 2024. The tokens were then gradually deposited across various platforms, totaling 334,020 CYBER at an average price of $8.828 ($2.95M) between August 2023 and March 2024.

$CYBER Price Action Despite Recent Happenings

Despite the recent deposit by DWF Labs, the price of $CYBER plummeted by 7.50% in the past hour and 10% in the last 24 hours. Interestingly, the Cyber Connect Multisign made its first withdrawal of 200,000 CYBER ($2.67M) from Binance at a price of $13.35, triggering a pump and dump cycle that led to a 12% price fluctuation five hours ago.

Currently, the Cyber Connect Multisign holds 1.07 million CYBER ($14.35M), underscoring its significant role within the $CYBER ecosystem. As the token’s price experiences volatility amidst on-chain activities, market participants remain vigilant for further developments.

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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