In the wake of Powerledger’s notable surge, witnessing a remarkable 40% increase in price last week, the energy trading platform gained substantial attention across social media platforms.
However, recent developments suggest a potential reason for the significant downturn in $POWR’s value.
Upbit, a key player in the cryptocurrency market, deposited a substantial 19 million $POWR tokens (equivalent to $8 million) to Binance. This whale transaction appears to coincide with the current massive price decline experienced by the $POWR token.
After $POWR pump in the past week, #Upbit deposited 19M $POWR($8M) to #Binance, this might be the reason of the price dump in the past day.
moneyflow:https://t.co/E6LnBSSBXp
Follow @ScopeProtocol and @0xScopescan for more updates. pic.twitter.com/eoTksRyns7
— Scopescan (@0xScopescan) January 8, 2024
$POWR Price Action To Watch
The decline is substantial, marking a 28% drop today alone. The 24-hour trading volume has decreased by 46%, contributing to a 28% reduction in market capitalization.
Despite being one of the top daily losers on Kraken, Powerledger had observed an impressive over 200% gain in the past three months. This recent dip might present an opportunity for investors looking to accumulate more $POWR tokens at a lower price point.
As of the latest update, $POWR is trading at $0.412, having touched a 24-hour low of $0.409.
The cryptocurrency market’s dynamic nature, influenced by factors like whale transactions, underscores the importance of vigilance for investors navigating these fluctuations.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.