A BNB wallet dormant for two-year that belongs to a whale has dumped 10,000 BNB at the rate of $230 per token, after previously making significant returns from investing in the safemoon meme coin.
Whale dumps BNB holdings
A whale that has been inactive for two years sold 10,000 BNB at $230 per token ($2.3 million at the current rate).
According to on-chain data released by Lookonchain, the wallet holder was an early SAFEMOON whale, who swapped 10 BNB in exchange for 100 trillion SAFEMOON, making a profit of 110,000 BNB, worth $47.5 million at that time.
Data also show that the wallet holder later transferred 25,000 BNB to whale”0x9e64″ in June 2021, and has held 25,000 BNB until now. Whale”0x9e64″ currently has 15,000 BNB left, which is worth $3.5 million.
BNB price analysis
SAFEMOON has been accused of being a pump-and-dump scheme following a steep drop in price that created losses for many holders.
At the time of writing, Safemoon is 99% down from its all-time high in May 2021.
Some analysts have referred to investing in meme coins as a game of chance, while others believe that if these super-volatile assets are purchased at the right time, one could make large gains.
BNB is currently trading at $230.49, representing a 66.3% decline from its all-time high in May 2021.
The current price of BNB represents a -2.18% drop in the last 24 hours and a -23.28% drop in the past 7 days. The circulating supply of BNB is 160 Million BNB, it has a market cap of $35,836,973,018.
The price of BNB has dropped below the critical support level of 265 this week, amidst Binance’s legal battle with the U.S. Securities and Exchange Commission (SEC). The RSI value of 8.7 on the daily time frame suggests that it may be oversold in the short term.