China News by Thebittimes.Com

Deep-pocketed traders triggered a price crash over the weekend after depositing a huge chunk of an altcoin’s supply to digital asset exchanges. According to blockchain tracking firm Lookonchain, whales in the Bounce (AUCTION) market have been greatly influencing the altcoin’s price action for the past week, causing massive swings in both directions. Bounce Finance is a decentralized auction platform enabling auctions for various assets, such as physical assets tokenized on the blockchain and non-fungible tokens (NFTs). AUCTION tokens are used for governance, staking, and fees for participating in auctions or creating NFTs on the platform. Lookonchain says that in the last several days, whales sent over 14% of the circulating supply of AUCTION to Binance, the largest crypto exchange in the world by volume, and OKX. Those deposits presumably led to coins being sold on the open market, which ultimately caused prices to plummet. Says Lookonchain, ...

Blockchain tracking firm Lookonchain says a crypto whale suddenly withdrew $5 million worth of Solana (SOL) to possibly buy more artificial intelligence (AI) related tokens. According to Lookonchain, an anonymous deep-pocketed investor spent nearly $8 million of Solana to buy AI-focused altcoins AI Rig Complex (ARC) and ai16z (AI16z) and then withdrew more than 25,000 SOL from Coinbase. The whale may now use the SOL to buy even more AI-related tokens, as Lookonchain suggests the AI token trend may be making a “comeback.” “The mysterious whale withdrew another 25,306 SOL ($5 million) from Coinbase [Tuesday], possibly to buy more AI tokens. [Earlier ] the whale spent 38,138 SOL ($7.8 million) buying arc and ai16z.” AI16z is trading for $0.4746 at time of writing, down 8.9% in the last 24 hours. With a market cap of $530.2 million, the Solana-based token is the 158th largest crypto project. Meanwhile, ARC is trading for $0.3285 at time of wr...

Blockchain tracking firm Lookonchain says one crypto trader is looking at multi-million dollar profits after trading the official memecoin of Melania Trump, wife of US President Donald Trump. According to Lookonchain, the trader scooped up 5.2 million Melania (MELANIA) at just $0.13 per coin right after the digital asset’s launch on Sunday – the day before Trump’s presidential inauguration. Four days later, the trader had sold off every MELANIA token for a gain of 6,208% on the initial investment of $688,000, racking in a $42.7 million profit. “This guy has sold all MELANIA, making a total profit of $42.7 million (62x)! He spent 2,500 SOL ($688,000) to buy 5.2 million MELANIA at $0.13, and sold all of them at an average price of $8.34 for $43.4 million, making a profit of $42.7 million, a 62x return!” Lookonchain also noticed another trader saw massive gains after being an early investor in MELANIA. “This guy made an incredible $66 ...