COOKIE’s Risky Flip: $12M Sale Follows Binance Announcement

• Multi-signature pockets strikes thousands and thousands of COOKIE tokens, sparking market modifications.
• COOKIE token value drops 27.5% after massive sale, signaling market impression.
• Market cap of COOKIE stands at $157.72M with 30.12% of whole provide in circulation.

A multi-signature pockets linked to the COOKIE token challenge made some large strikes after Binance mentioned it will listing the token. Simply eight hours after Binance’s announcement, roughly 20 million COOKIE tokens (value about $12.55 million) have been despatched to the alternate, triggering a COOKIE sell-off.

The pockets nonetheless holds about the identical quantity of COOKIE, valued at round $11.33 million. All this exercise has made the COOKIE market fairly risky.

Tracing the COOKIE Transfers

The COOKIE transfers began with the “Cookie: Deployer” deal with, which moved 75 million COOKIE (value about $8.92 million) to a possible multi-sig pockets labeled “Cookie: Multisign (doubtless) 0x458.”

From there, one other 20 million tokens (value about $1.3 million) went to the deal with “0xf467db17…967. ” These tokens have been then routed to Binance, the place 20 million COOKIE (value $12.75 million) have been deposited.

The ultimate cease for these tokens was “Binance 6,” the place one other 20 million COOKIE have been despatched.

COOKIE Token Value Takes a Hit

So what occurred to the COOKIE value? Effectively, 20.001 million COOKIE have been bought for $12.375 million at a mean value of $0.619 per token. The token’s value jumped earlier than the sale however rapidly fell after.

Learn additionally: Binance Futures Expands Market With New Token Contracts

This value drop occurred concurrently the sale, displaying that this enormous transaction doubtless affected market sentiment and the token value. COOKIE’s worth dropped 27.5% in 24 hours, falling to $0.531 on the time of writing.

Buying and selling quantity additionally went down after the value spike. This means the market could be coming into a consolidation section. Proper now, COOKIE’s market cap is $171.09 million, with 321,637,101 tokens in circulation. That is 30.12% of the overall provide, which is capped at 1 billion tokens.