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In a recent development reported by Lookonchain, one of the early holders of Binance Coin (BNB) re-entered the market by depositing 7,005 BNB, equivalent to $1.48 million, back into Binance. This move follows the whale’s history of major transactions, including a withdrawal of 505,990 BNB valued at $1.8 million in 2017-2018 and a subsequent deposit of 500,543 BNB valued at $56 million when the BNB price was 112 dollars.
Traditionally, these movements by early whales have often been associated with bearish signals, suggesting that they may be selling their super-profitable positions. As a result, many have speculated whether this sudden activation is an indication of an impending market correction.
The impact was immediate: the price of BNB fell by 1.3%. Currently trading at $209.5, Binance Coin is precariously close to a three-year low, just $20 or 10% of its current value.
The main question for now is whether this early Binance investor decided to cash out some of his holdings, possibly to hedge against the risk of a potential BNB crash. The uncertainty surrounding this move has only increased intrigue, and all eyes are now on the BNB price chart, waiting to see how this event will shape the future of this popular token.
