BNB Whale Activity
Recent whale activity has caught the attention of crypto market observers as a significant accumulation of BNB has taken place following Binance’s settlement with the US Department of Justice.
According to data from Lookonchain, a whale has once again accumulated a substantial amount of BNB, totaling 2,732 BNB, worth $646 thousand. This accumulation comes after the same whale stockpiled 17,152 BNB at an average price of $253 since May 10.
This accumulation is noteworthy considering Binance’s recent money laundering investigation, which has raised questions about the exchange’s credibility in handling large volumes of cryptocurrencies.
BNB Price Analysis
At present, the BNB price has experienced a significant drop of 9.62% in the last twenty-four hours, reaching $234.07. Additionally, trading volume has increased by 58.68% during this period.
It is worth noting that the decrease in BNB’s price aligns with Binance’s recent settlement with the DoJ, where the exchange admitted guilt and agreed to pay over $4 million to resolve the investigation into various violations.
Furthermore, approximately $288 million worth of Bitcoin has departed the exchange in the last twelve hours, reflecting market levels from March 2023.
Hot Take: The Future of BNB
As the situation with Binance and the ongoing money laundering probe unfolds, the future of BNB remains uncertain. The accumulation of BNB by whales amidst these developments indicates a potential belief in the long-term prospects of the cryptocurrency. However, the impact of Binance’s settlement and the subsequent repercussions on BNB’s price and market dynamics are yet to fully unfold.
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