Whales, the influential powerhouses of the Bitcoin and altcoin world, attract attention. They have the capacity to direct the trajectory of digital assets. The moves of these important investors, whose buying and selling activities frequently attract attention, are followed by everyone. It’s also been making headlines lately with significant sales.
Opposite movements: Whales and crypto investment firms
A large number of whales are actively shedding crypto assets. On the other hand, important investment companies continue to make purchases. Accordingly, let us point out that crypto investment companies such as DWF Labs have an upward trend in the market. On the other hand, there was movement for an altcoin today. Moreover, the whale’s movement was a significant bearish sign for the altcoin.
We will talk about the movement in the altcoin AKRO. Accordingly, there is an impasse in AKRO. Attention is also on Akropolis (AKRO), a popular altcoin that has experienced a significant decline in recent weeks, losing over 50% in value. The repercussions of this decline have left many cryptocurrency investors in a precarious position.
Data from Look On-Chain attracts attention
According to the latest information from Lookonchain, a reputable data provider, an interesting situation emerges. Accordingly, a crypto whale has made a series of sales recently. Accordingly, it played a striking role in triggering a significant decline in the value of the altcoin AKRO.
The price of $AKRO has dropped 55% in the past 1 month.
We noticed that a whale (or market maker) deposited 860.9M $AKRO ($5.85M) withdrawn from #Binance between Aug 2 and Aug 4 into #Binance in the past 2 weeks. pic.twitter.com/iOhixUBhZ0
— Lookonchain (@lookonchain) October 3, 2023
The data revealed that the whale (or market maker) in question initiated a remarkable move by withdrawing 860.9 million ACRO units, equivalent to approximately $5.85 million, from the Binance exchange between August 2 and August 4. Interestingly, over the following two weeks, the same whale organized the return of these 860.9 million AKRO tokens to the Binance exchange.
Implications for altcoin AKRO
It is noteworthy that significant AKRO sales continue, organized by leading investors. On the other hand, it has the potential to worsen the sharp decline currently affecting this leading altcoin. The cryptocurrency community is closely monitoring the emerging situation. Additionally, the fate of altcoin AKRO remains unclear.
Investors and enthusiasts will be watching to see if the gloomy trend affecting the Acropolis continues. On the other hand, they will also monitor developments that may shed light on whether a reversal of fortune is on the horizon. However, the movement raises suspicion as whale movements generally have adverse effects on the market. When we look at it from Kriptokoin.com, movements that occur after an intense accumulation period are interpreted as a price decrease. Let’s see how the orbit of Altcoin AKRO will be shaped from now on.
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