Two wallets deposited whopping 5.5 million tokens on popular FTX cryptocurrency exchange. The wallet is still holding an additional $6.5M worth of Kyber Network’s KNC token. It clearly is a developer wallet or belongs to a VC investor.
While some think it is normal for someone to take profits. People think too complicated about this problem. The important thing is that they are still working. There are a lot of people out there who are betting on outsourced projects and even some people are all in meme coin. Anyway, with this enormous dumping of KNC token on FTX, the price of this token took a huge hit, bringing price down from $1.88 to $1.26.
More than $9.2 million dollars worth of KNC tokens have already been sold by this whale. Would you call it exit liquidity? Depends but keep in mind bitcoin too dipped significantly, and is currently trading at $18k.
Victor Tran, CEO of Kyber Network exchange said that whenever there is a price dump, people who fud about KNC become more active. Both – decentralized exchange and product are working totally fine. And by fine, we mean the team is focused in pursuing its goals, and product development is intact, the plan doesn’t change. KNC price affects our Liquidity Mining program though as the reward is less in USD value.
I am from Brisbane, Queensland and I hold post of Associate Editor at Cryptocoindaddy.