On March 22, COINOTAG News reported insights from on-chain data analyst Yu Jin, revealing significant movements in the AUCTION token market. A notable whale or institutional investor executed a substantial withdrawal of 2 million AUCTION tokens, accounting for approximately 26% of the total supply, from Binance between February 23 and March 16. This strategic move nearly depleted Binance’s reserves of AUCTION, correlating with a price increase from $12 to $26 within that timeframe.
Following this, on March 17, the same whale transferred 500,000 AUCTION tokens—valued at around $16.9 million—back to Binance. This transaction resulted in a notable dip in the AUCTION price, which fell from $35 to $31. However, despite this temporary setback, AUCTION prices rebounded to set a new all-time high shortly thereafter, reflecting the token’s volatile yet resilient nature in the crypto market.
Source: https://en.coinotag.com/breakingnews/whale-manipulation-causes-auction-price-surge-and-historic-high-after-massive-binance-withdrawal/