The whales, which own 27 percent of the total supply of Bluzelle (BLZ), started selling at a loss.
Lookonchain has issued a new warning for BLZ, which is listed on major exchanges such as Binance and Coinbase. On-chain data analysis company Lookonchain announced that a whale transferred its BLZs to Binance and sold them at a loss. After this sale, BLZ recorded a decrease of nearly 15 percent.
Examining whale wallets, Lookonchain stated that whale wallets, which have 27 percent of BLZ’s total supply, are related and the selling pressure may continue. According to the analysis organization, these whales, which are profitable, can dump their BLZs into the market.
Bluzelle (BLZ) is in danger from whales!
Bluzelle (BLZ) is facing selling pressure from whales that dominate 22 percent of its supply.
Lookonchain shared an X as a warning. In this post on BLZ, the sales of whales were revealed.
1/ A whale wallet deposited 12.16M $BLZ ($1.45M) to #Binance at a loss of today, causing the price of $BLZ to drop by ~14%.
And there are 3 whale wallets holding 134.5M $BLZ ($16.2M, 27% of the total supply).
If you want to short $BLZ, pay attention to whether they sell $BLZ. pic.twitter.com/vBxzVyIses
— Lookonchain (@lookonchain) October 11, 2023
According to data, a whale wallet transferred 12.16 million BLZ to Binance. He sold these tokens, which were worth approximately $1.5 million, to the market at a loss. After the sale of the whale, BLZ lost 14 percent of its value.
Lookonchain discovered three wallets holding 134.5 million BLZ, which is 27 percent of the total supply. The research organization stated that attention should be paid to whether these whales are selling.
Examining on-chain data, Lookonchain deciphered another wallet of the selling whale. This wallet also contains 109.8 million BLZ (22 percent of the total supply). Explaining that the whale is in a profitable situation, Lookonchain stated that the possibility of selling is on the table.
According to Lookonchain, whale wallets may continue to sell BLZ at a loss. BLZ has lost nearly 27 percent of its value since the beginning of October. The overall BTC-based decline also facilitated BLZ’s pullback.
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