Large holders appear to be in a state of panic as Stellar (XLM) assets have fallen over 10% in the past 24 hours. Within this period, white whale More than 162.35 million XLM has been moved to the Coinbase exchange, a development that suggests possible dumping in the market.
Concerns about stock price declines increase due to activities of white whales
This large amount of transfers to exchanges occurred in three tranches, according to Whale Alert, a platform that tracks transactions of large holders. The first transfer was 54,180,378 XLM, equivalent to approximately $12,067,815.
The other two transfers were 53,986,016 XLM (valued at $12,024,524) and 54,180,378 XLM (valued at $12,133,131). All three transfers were initiated from unknown wallets to Coinbase. Two of the transactions occurred within 60 seconds, and the third occurred 20 seconds later.
The amount and direction of movement suggests that the white whale may be in a position to sell its assets. Such a development could increase the selling pressure currently facing XLM. The value of the coin declined as investors dumped it into the cryptocurrency market.
The asset plunged from a daily high of $0.2530 to a low of $0.2223 as selling pressure affected the outlook. At the time of writing, Stella managed It rose slightly to trade at $0.2242, which corresponds to a decline of 10.61% in the period.
Despite the price plunge and whale action, market participants are still trading large amounts of XLM. Volume increased by 58.36% to $291.64 million. This suggests that retail investors may view this as a buying opportunity.
Over the next few hours, more Whale Stella transactions were spotted on Coinbase, suggesting an apparent restructuring.
Over time, this change in XLM could reveal whether the whale’s behavior could cause further concern and reverse the trading indicator from the green zone to the red zone.
Stella loses position in market rankings
There are concerns about XLM performance in the broader Stellar ecosystem. Many expected the coin to take advantage of the legal clarity brought about by the legal battle to assess the utility of XRP.
However, neither Whether it’s XRP or XLM Values have increased significantly since then.
In a recent move that surprised the community, privacy tokens Zcash (ZEC) Invert XLM In terms of market capitalization. According to CoinMarketCap, Zcash is currently ranked 12th, while Stellar has fallen to 17th in the market rankings.
Zcash is up 126.5% in the past 30 days, while Stellar is down 27.98% in the same period. XLM’s continued bearish momentum in the market remains a source of concern for investors in the asset.
