Powerledger ($POWR) Faces Significant Decline Following Whale Transaction

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.

$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.