A significant deposit of $ZIG tokens has been detected in the CEX Flows section, raising eyebrows in the crypto community.
A wallet, identified as 0x905d, transferred 22 million $ZIG tokens, valued at approximately $3.08 million, to the Bybit exchange within the past 24 hours.
The 0x905d wallet is suspected to belong to an insider. On July 26, 2023, this wallet received 92.68 million $ZIG at an average price of $0.0056 per token. This amount represents about 4.8% of the total supply of $ZIG, indicating a substantial holding.
$ZIG Price Reacts Following Recent Token Movements
Following this massive deposit, the price of $ZIG has been on a steady decline. Since the time of the deposit, $ZIG’s price has dropped by over 4.3%, suggesting market reactions to potential sell-off concerns. The substantial deposit volume from wallet 0x905d appears to signal profit-taking activities.
In the CEX Flows section for $ZIG, we discovered a very large deposit volume.
After filtering, we found that wallet 0x905d deposited 22M $ZIG ($3.08M) onto #Bybit within the past 24 hours.
His wallet: https://t.co/ZuqGJ7stwp
About $ZIG: https://t.co/BDZMVgfSqT pic.twitter.com/hgnjNzKTo7
— iCrypto | Sentiment & On-chain Analysis (@iCryptoAI) July 29, 2024
If the 0x905d wallet proceeds to sell the entire 22 million $ZIG deposited on Bybit, it stands to make a profit exceeding 2400%, given the average acquisition price. This potential sell-off could further impact $ZIG’s price and market sentiment.
As of now, the wallet still holds a significant portion of $ZIG. Specifically, it retains 70.73 million $ZIG, valued at approximately $9.65 million, which is equivalent to 3.54% of the total supply of $ZIG. The market is closely watching this whale’s movements, as any further actions could significantly influence $ZIG’s price dynamics.
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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