Daniel Wang, the founder and former CEO of the decentralized exchange protocol Loopring, has unnerved investors by moving a significant amount of the protocol’s token, LRC, to Binance, the leading cryptocurrency exchange platform. The on-chain analytics firm Spot On Chain observed the transaction, revealing that Wang transferred $8.41 million worth of LRC to Binance within the past day.
Massive LRC Token Movement Detected
Spot On Chain reports detail that the founder of Loopring transferred 34.88 million LRC to the Binance platform, with each token valued at $0.241. This large deposit, sourced directly from the Loopring Foundation last December, suggests a potential sale on the horizon. The substantial volume of tokens transferred by Wang could have market-moving implications.
Despite a week-long uptrend resulting in a 5% increase in value, LRC experienced a 1.32% price dip in the last 24 hours, now trading at $0.2381. Alongside the price drop, the trading volume for the altcoin has also decreased by over 17%, currently standing at around $9 million.
Technical Analysis and Market Outlook for LRC
Even with the recent sell-off pressure, Loopring’s LRC token remains resilient, holding above its pivotal support level of $0.223. The technical analysis indicates key resistance levels, with $0.242 being the initial hurdle for LRC’s price to overcome.
If LRC manages to break past this resistance, further growth could see it reach $0.2583 and, if the bullish momentum persists, even $0.3373. The recent high at these levels suggests that a decisive breakout is needed to sustain an upward trajectory. Such a breakout could potentially lead to a continued rise, with the next targets projected at $0.4091 and $0.4964.