The COOKIE token, with a market cap of $171.09 million and 30.12% of its supply in circulation, recently faced sharp fluctuations due to significant wallet activities and a major sell-off.
Major Transfers Spark Volatility
A multi-signature wallet linked to the COOKIE project initiated considerable token movements shortly after Binance announced its listing of the token. The wallet transferred 20 million COOKIE tokens, valued at $12.55 million, to Binance, triggering a widespread sell-off and considerable price drops. The movement began with the 'Cookie: Deployer' address, which sent 75 million tokens worth $8.92 million to the multi-signature wallet labeled 'Cookie: Multisign (likely) 0x458.' Subsequently, 20 million tokens, valued at $1.3 million, were sent to the address '0xf467db17…967' and then to Binance, where they were deposited into the 'Binance 6' wallet.
Impact on Token Price and Sentiment
The sell-off significantly impacted COOKIE's price. Roughly 20.001 million tokens were sold for $12.375 million at an average price of $0.619 per token. Although the price temporarily surged, it plummeted by 27.5% within 24 hours, settling at $0.531. In addition to the price drop, trading volume decreased following the sell-off, indicating the market may enter a consolidation phase.
Outlook for the COOKIE Market
The significant wallet activity and resulting volatility underscore the speculative nature of the COOKIE market. Although trading volume has tapered, the future trajectory of the token is contingent on upcoming market sentiment and activity. The wallet involved in the transfers still holds COOKIE tokens valued at approximately $11.33 million, suggesting potential for further market impact.
The COOKIE market continues to display high volatility due to significant wallet activities. Future developments will depend on upcoming market conditions and participant sentiment.
