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The official wallet address of Virtuals Protocol (VIRTUAL), identified as 0xBe…c126, recently withdrew 4 million VIRTUAL coins from its LP Wallet. This withdrawal amounts to approximately 16.28 million dollars. Subsequently, 1 million of these coins, valued at 4.07 million dollars, were transferred to the cryptocurrency exchange Bybit. This action is part of a series of significant transfers that have drawn attention over the last few months.
Virtuals Protocol Executes Major Transfers to CEXs
Since December, the same wallet address has transferred VIRTUAL coins worth 62.56 million dollars from Virtuals Protocol’s LP Wallet to centralized exchanges (CEXs).
This indicates that the protocol continues to move large sums and shows a tendency toward trading on centralized exchanges, suggesting possible selling activities.
Continued Transfers to CEXs Expected
The official wallet address of Virtuals Protocol is noteworthy for its high-volume VIRTUAL coin transfers. Such transfers are likely to enhance the protocol’s relationships with centralized exchanges and impact market prices.
Currently, it remains unclear how much of these transfers are related to the protocol’s internal operations or investment strategies. However, recent developments indicate this is a situation worthy of close monitoring.
