The altcoin market is known for its constant fluctuations, and recently, significant activity has been observed around Bounce’s AUCTION token. Following the end of the AMMX token launch, stakers began withdrawing their assets from staking pools and transferring them to the Binance cryptocurrency exchange.
On-chain data provider Lookonchain issued a warning about AUCTION, noting that stakers are pulling out their AUCTION tokens from staking pools after the completion of the AMMX token launch. This movement of tokens to Binance suggests an increase in circulating supply and potential selling pressure.
Current data shows that AUCTION’s price has dropped by 6.8% in the last 24 hours, trading at $34.58. Compared to the largest cryptocurrency, Bitcoin (BTC), and the largest altcoin, Ethereum (ETH), AUCTION has decreased by 8.1% and 12.8%, respectively. Lookonchain’s on-chain data warning is confirmed by the altcoin’s price drop.
For those unfamiliar, Bounce is a fully decentralized auction platform that utilizes Blockchain technology to provide transparent, efficient, and accessible auction, bidding, and purchasing processes for Web3 users. The platform’s native token, AUCTION, is used in the staking process during auctions.
Meanwhile, the AMMX token has captured a strong upward momentum since its launch. Since its market debut on December 27, the token has surged by an astounding 24,662%.
According to data from the decentralized exchange (DEX) PancakeSwap, the AMMX token is currently trading at $0.0007626, which represents a massive 493-fold increase from its launch price.