The fact that Bitcoin and altcoin projects are individual-oriented creates a negative situation. The last example of this is from an altcoin project. Accordingly, when the founder of a cryptocurrency project was drafted into the army, there was a decrease in the price. Let’s look at the details.
Founder involvement led to significant sales of altcoin SSV
Alon Muroch, founder of SSV Network, an Ethereum (ETH)-based staking platform, made a surprising statement about joining the Israeli army. This announcement had a significant impact on altcoin SSV token sales. As the conflict between Palestine and Israel escalates, Alon Muroch’s decision to join the Israeli army resonated with the SSV Network community.
Muroch shared on social media on October 11 that he had been called up for military service. This announcement led to significant sales of altcoin SSV. According to data provided by on-chain analytics platform Lookonchain, two wallets associated with Muroch’s recruitment were particularly active. Accordingly, he sold a total of 18,055 SSV tokens worth $ 257,000. One of these wallets transferred 10,000 SSV tokens, equivalent to $142,000, to cryptocurrency exchange Binance. The other wallet also moved 8,055 SSV tokens worth $115,000 to Binance.
Affected by the @ssv_network founder(@AmMuroch) being drafted, only 2 wallets sold their entire $SSV.
ikuvc.eth deposited 10,000 $SSV($142K) to #Binance.
And 0xF447 deposited 8,055 $SSV($115K) to #Binance.
Good luck to @AmMuroch!https://t.co/KcMsG9bgvd pic.twitter.com/lgWP3qIOtO
— Lookonchain (@lookonchain) October 11, 2023
Alon Muroch’s announcement
Altcoin founder Alon Muroch, who announced that he joined the Israeli army, expressed the seriousness of the situation. “I was drafted into the army, the situation on the ground is much worse than described,” Muroch said. The only word that comes to mind is disaster. 90% of those killed were civilians. “We are turning the tables, this will be neither short nor sweet.” says.
The impact of this announcement was immediately felt in the market value of the altcoin SSV token. CoinGecko data shows that SSV experienced a decline of approximately 12% due to the news, with its price falling from $15.53 to $13.27. Accordingly, while writing the article, altcoin SSV is traded at $ 13.65.
Bancor Network (BNT) is experiencing a surge
In the broader context of the Palestinian-Israeli conflict, Israel-based altcoin Bancor Network (BNT) has witnessed notable market activity. The token’s value increased by over 70% in a single day. Accordingly, it reflected the broader impact of geopolitical developments on the cryptocurrency market.
Alon Muroch’s participation brought unprecedented interest to the altcoin SSV Network. On the other hand, he emphasized the increasing intersection of cryptocurrency markets and global events. When we look at it as Kriptokoin.com, we should not see the issue only as geopolitics. Accordingly, if someone is at the focal point of the project, this indicates the vital point of the project. Moreover, in such a situation, the absence of that person means a significant loss for the project.
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