Rocket Pool (RPL) has soared more than 20% in the last 24 hours, leading to a sell-off by major investors. This event has sparked active discussions among traders and industry experts.
Rocket Pool Price Surge
The price of RPL surged more than 20% in the past day after Binance introduced perpetual contracts for this token. This innovation prompted significant interest from traders, causing the price of RPL to hit a recent high of $12.25. At the time of writing, Rocket Pool's market capitalization stands at $222.27 million.
1kxnetwork Token Distribution
1kxnetwork, an early investor in Rocket Pool, transferred a large amount of RPL tokens to Binance. The transfer amounted to 203,320 tokens worth $2.37 million. This move came after a 22% price rally for RPL due to the introduction of perpetual contracts on Binance. Since late August 2024, 1kxnetwork has already transferred 313,739 tokens to Binance, indicating major investors are cashing in. However, 1kxnetwork still holds 315,835 RPL tokens, valued at approximately $3.62 million.
RPL Price Chart Analysis
RPL's price charts show fluctuations in recent hours. Following a rapid rise, the asset's price is trading in a consolidation mode, oscillating between $11 and $12. This typically indicates that the market is taking a break after a strong bullish movement. Recent data, however, show that RPL's price has decreased to $10.70. The 1-hour Relative Strength Index (RSI) stands at 30.24, which is close to the oversold region.
In conclusion, despite significant token sell-offs by major investors like 1kxnetwork, the Rocket Pool project remains a strong participant in the Ethereum staking market. Ongoing price developments for RPL will require close monitoring.
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