This article examines the reasons behind the sharp drop in the SWARMS token price, linked to major sales in the cryptocurrency market.
Sudden Sales and Market Impact
In the past three days, a wallet has sold 26.52 million SWARMS tokens, amounting to $8.08 million. These sales are thought to have caused the token’s price to drop, losing 27% in the last 24 hours.
Trade Details and Major Addresses
A principal crypto whale address sold $5.16 million worth of SWARMS tokens. Another address that funded this wallet sold three-quarters of its holdings, making a profit of $3.73 million. In the end, the wallet retained tokens worth around $1.25 million, purchased at $0.022 each. At the time of writing, SWARMS is trading at $0.24.
Funding Sources and Conclusions
Upon examining the second and third cryptocurrency addresses, it was found that their funding sources are linked to four different addresses, all of which were created nine days ago. These addresses are likely insider or market maker company addresses.
The mass sales of SWARMS tokens conducted by several major addresses have been the primary reason for the asset's price decline. The emergence of new linked addresses could indicate potential insider operations in the market.
