A Cryptocurrency Whale Sells Off Millions of RLB Tokens
A large cryptocurrency whale, known by the short address 0x915, continued its sales today after disposing of its Rollbit (RLB) altcoin assets over the past two weeks.
Significant Sell-off
In its most recent transaction, the whale sold 13 million RLBs for 2.275 million USDC at an average price of $0.175 per RLB in just 1.5 hours. RLB price is trading at $0.1742 at the time of writing this article.
The whale in question disposed of a total of 30.4 million RLB over the past two weeks for 5.536 million USDC, at an average price of $0.182 per RLB. The RLB tokens sold were withdrawn from official Rollbit hot wallets. Following the sales, the received USDC was quickly deposited to Kraken.
Market Impact
The continuous selling wave of the whale has caused a significant impact on the price of RLB. In this selling wave, the price fell as much as 6.3% and has fallen by approximately 33% in the last two weeks. Remarkably, the price tended to fall sharply after each sell wave of the whale.
Chart taken by Spotonchain showing the price falling every time the whale sells RLB.
Whale’s Exit and Market Reaction
At this time the whale no longer has any RLB. However, it is unknown whether Rollbit will withdraw more tokens to sell from hot wallets. RLB, which is not listed on any major cryptocurrency exchange, attracts attention with a market value of $ 574 million.
This continuous sell-off of RLB tokens by the whale has raised questions about the future of the currency and the potential impact it may have on the broader cryptocurrency market. Investors and analysts are closely monitoring the situation to understand the implications of the whale’s actions.
It remains to be seen whether the market can absorb the impact of the whale’s sales and how Rollbit will respond to the withdrawal of such a significant number of tokens. The volatility in RLB price caused by the whale’s actions underscores the influence of large holders in the cryptocurrency markets.
*This is not investment advice.
In summary, the ongoing sell-off of RLB tokens by the cryptocurrency whale has sparked concern and volatility in the market, with potential implications for the broader cryptocurrency landscape.
I have over 10 years of experience in the field of cryptocurrency and blockchain technology. I have attended numerous conferences and events around the world, and my work has been featured in major publications such as CoinDesk, Bitcoin Magazine, and Yahoo Finance.
