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As is known, the altcoin market is in constant motion. Most recently, significant activity occurred for Bounce’s AUCTION. With the conclusion of the AMMX token launch, stakers began withdrawing their assets from staking pools and transferring them to the cryptocurrency exchange Binance.
On-Chain Data Signals Alarm for Bounce’s AUCTION
On-chain data provider Lookonchain issued an important warning for AUCTION. The data provider reported that stakers started withdrawing their AUCTION from staking pools following the completion of the AMMX token launch.
The data pointed out by Lookonchain shows that stakers are withdrawing their AUCTION, which they staked to earn AMMX tokens, and are transferring them to the cryptocurrency exchange Binance. As is known, the transfer of an asset to a cryptocurrency exchange implies an increase in circulating supply and is a sign of potential selling pressure.
According to current data, the price of AUCTION has fallen by 6.8% in the last 24 hours, trading at $34.58. The data shows that the price of the altcoin has dropped by 8.1% against Bitcoin (BTC) to a level of 0.00080335, and by 12.8% against the largest altcoin Ethereum (ETH) to a level of 0.01453888. The warning made by Lookonchain based on on-chain data is confirmed with the decline in the altcoin.
For those unaware, Bounce is a fully decentralized auction platform. The platform uses Blockchain technology to provide more transparent, efficient, and accessible auction, bidding, and purchasing processes for Web3 users. The staking process of the platform’s native asset, AUCTION, is operational during the auction process.
AMMX Token Officially Skyrockets
On the other hand, it is observed that the AMMX token has captured a strong upward momentum and is moving rapidly upwards following its launch. The token, which was released on December 27th, has since increased by 24,662 percent.
According to data obtained from the decentralized cryptocurrency exchange (DEX) PancakeSwap, the token is trading at $0.0007626 at the time this article was prepared. This price level corresponds to a massive 493-fold increase since the launch of AMMX.
