A wallet affiliated with the Fantom Foundation sold 357,108 CVX today, causing the price to decrease by 5% after the sale.
Fantom Foundation, one of the important companies in the cryptocurrency industry, made headlines today with the sale of altcoins.
According to a post by Spot on Chain, a wallet associated with the Fantom Foundation sold 357,108 CVX, equivalent to 1.15 million USDT today.
This sell-off causing CVX price to decrease by about 5%.
Previously, this wallet was associated with the Fantom Foundation which spent 12 million USD to purchase 436K CVX for approximately $28 in March 2022, Spot on Chain claims that the Fantom Foundation has loss of 10.7 million USD, corresponding to a loss of approximately 87.8%.
“Wallets associated with the Fantom Foundation sold 357,108 CVX, raising 1.15 million USDT recently, causing the price to decrease by approximately 5%.
Notably, this wallet spent $12 million to buy 436K CVX at $28 in March 2022 and then sold these tokens for just $3.38 ($1.49 million worth) in the past 2 years.
This means a loss of $10.7 million (-87.8%)!”
A wallet linked to Fantom Foundation sold 357,108 $CVX for 1.15M $USDT in the past hour, causing the price to drop ~5%.
Notably, this wallet spent $12M to buy 436K $CVX at ~$28 in Mar 2022 and then sold the tokens over the past 2 years at only ~$3.38 ($1.49M).
That is a loss of… pic.twitter.com/DjX6Moavny
— Spot On Chain (@spotonchain) June 28, 2024
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