Big digital wallet movements related to the digital currency BANANA arouse the ire of the crypto community!
According to blockchain transaction analysis platform Lookonchain, the Banana Gun (BANANA) project team made a significant transfer from their treasury wallet on July 19.
The wallet, called bananagun-treasury.eth, sent 40,000 BANANA coins worth approximately $2.78 million to Binance.
This transfer came right before Binance announced the listing of the BANANA token on July 20.
Market reactions to large currency transactions:
The cryptocurrency community responded with mixed reservations and opinions to this major transfer.
Some investors expressed their concerns, indicating that this step may be preparation for a large sale after the listing process.
While others argue that the transfer was necessary to ensure the liquidity needed for Binance's upcoming listing.
This disparity in opinions demonstrated the different levels of trust and speculation that exist in the cryptocurrency market.
Just before the conversion, BANANA saw a notable rise, with CoinGecko data showing a 30% increase over the past 24 hours.
The coin traded at around $72.80 and is back trading at $68 at the time of writing this article.