SKY whale moves 137 mln tokens: Is a sell-off coming as price struggles near $0.060?
The post SKY whale moves 137 mln tokens: Is a sell-off coming as price struggles near $0.060? appeared on BitcoinEthereumNews.com. With the SKY market remaining relatively calm, long-term holders have begun to reposition. According to Arkham data, an address linked to dragonfly_xyz transferred 137 million SKY, worth $9.05 million, to Coinbase. These tokens were purchased from Binance five years ago, valued at approximately $20.45 million. Source: Arkham Since then, SKY has faced extreme downward pressure. Now, these tokens have lost over $11.4 million in value. The token transfer to exchanges could either mean preparation to sell or liquidity exposure. If sold, the sale would result not only in $11 million in losses for the holder but also cause significant market pressure on SKY. SKY remains highly bearish In addition to this major market transfer, most of the SKY market participants remain skeptical. On Binance, for example, sellers have dominated the market over the past month. So