Binance has unveiled its highly anticipated cross-chain protocol, $ACX, sparking significant trading activity.

Shortly after the announcement, an address (0x4e3…8e537) spent 510 ETH ($1.98 million) to acquire 1.26 million $ACX tokens at an average price of $1.562.

All tokens were subsequently deposited on Binance, suggesting plans to sell at a higher price. However, with $ACX currently trading at $1.24, the wallet faces a floating loss of $408,000.

Market Makers Driving Activity  

Key market-making entities such as Flow Traders, Amber Group, and GSR Markets are closely linked to $ACX. Flow Traders previously received 10 million $ACX tokens from a UMA multi-signature address two months ago, valued at $2.94 million at the time.

Similarly, Amber Group obtained 3.68 million tokens from exchanges eight months ago, while GSR Markets has been interacting with $ACX for over 10 months.

Whale Activity and Profit-Taking  

Early investors, or “ancient whales,” have begun offloading $ACX tokens. Between November 2022 and March 2024, one whale received 12.03 million tokens from the Across Protocol multi-signature wallet at an estimated cost of $0.1208 per token.

Within the past hour, this whale sold 2.4 million tokens for $2.85 million at an average price of $1.19, netting a profit of $2.56 million.

Across Protocol Innovations  

The Across Protocol, which powers $ACX, is gaining traction as a leading cross-chain bridge. The team recently collaborated with Uniswap to develop the ERC-7683 standard, addressing liquidity fragmentation between Ethereum and its Layer 2 solutions.

According to DeFiLlama, Across ranks third in cross-chain bridge transaction volume, averaging $78 million daily over the past week and generating $80,000 in daily fees—an annualized $29 million.

This promising innovation positions $ACX for further growth despite current market fluctuations.

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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