Blockchain tracking firm Lookonchain shared a tweet this morning. In the tweet, he emphasized that Jump Trading has recently invested a major altcoin Linear Finance (LINA) in Binance. According to the post, Jump Trading sent 20 million LINA to Binance earlier today. The numerical equivalent of the sent crypto money is 451 thousand dollars. Let’s present the details as Kriptokoin.com.
Jump Trading deposited 20M $LINA ($451K) to #Binance again 35 mins ago.
Jump Trading has deposited 185M $LINA ($4.1M) to #Binance during the price rise, and every time the price of $LINA will drop after deposits.
Jump Trading still holds 64.7M $LINA ($1.46M) currently. pic.twitter.com/pllKeIRG0r
— Lookonchain (@lookonchain) June 1, 2023
Alarm for altcoin?
The firm states that Jump Trading has deposited a total of 185 million LINA on Binance. Accordingly, he states that every deposit is historically followed by a fall in the price of the altcoin. However, even though the firm has deposited that many tokens, it still has LINA in hand. Accordingly, the company has 64.7 million LINAs. At the time of writing, there is a drop in LINA price. The price is down 4.7%. On the other hand, this result is like history repeating itself. Moreover, the altcoin has also weakened against the two market leaders Bitcoin (BTC) and Ethereum (ETH) in the past 24 hours. As a result, LINA lost 3.32% against BTC and 3.90% against ETH.
From a technical standpoint, the price of altcoin LINA broke 3 major resistance levels in the past 7 days. As a result, it turned two of its price points into support levels in the process. The first significant level to break was the $0.012246 level, which the altcoin price exceeded on May 27, 2023. Afterwards, LINA’s price continued to climb. It turned $0.018230 to support on May 30, 2023. The cryptocurrency tried to do the same with the $0.025239 resistance level on Tuesday and yesterday. However, it failed to close its daily trading sessions above the mark. These unsuccessful attempts later resulted in the final drop in LINA’s price.
Ripple whales on stage
Ripple and other XRP whales continue to shuffle millions of tokens. Accordingly, the last batch was transferred to Binance and Bitstamp just before the June escrow unlock. Two XRP whale addresses moved nearly 100 million XRP ($51 million) to Bitstamp and Binance just before Ripple unlocked 1 billion tokens for the month of June. Whale Alert, a leading whale watching platform, highlighted both actions in two separate tweets. The first transaction took place at 20:33 (UTC) on May 31. 23.5 million XRP ($ 12.24 million) was transferred to Bitstamp from an unknown address.
Finally, Terraform Labs is selling the altcoin AVAX. Accordingly, the company keeps 850,000 AVAX at its address. According to the observations of blockchain data analyst Yu Ashes, Terraform Labs is selling AVAX. The LFG address transferred 200,000 AVAX ($2.89 million) to the address “0x49ee” on May 30. Eventually it went on sale. So far, 147,000 AVAX have been converted into 2.11 million solar stablecoins. The Luna Foundation Guard (LFG) address reportedly received approximately 1,085,000 AVAX ($15.35 million) on April 27 last year. In addition, the LFG address currently holds 850,000 AVAX ($12 million).
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