15.06.2025 16:28

Significant cryptocurrency price drops were observed today following large-scale transactions by major market players, often referred to as whales. A whale wallet initiated a substantial sell-off, liquidating 1.29 million ZKJ tokens and 8,667 KOGE tokens through the OKX exchange. This swift action resulted in a dramatic market impact.

The combined value of these offloaded tokens was considerable, totaling approximately $3.65 million ($3.1 million in ZKJ and $550,000 in KOGE). The immediate consequence of this massive sell-off was a steep decline in both altcoins' prices. ZKJ experienced a staggering 80% price drop within 24 hours, while KOGE saw a substantial 50% decrease. This sharp downturn underscores the significant influence whales wield on the volatile cryptocurrency market.

Further analysis of on-chain data revealed additional whale activity impacting the market. A separate whale withdrew 15.15 million ENA tokens, valued at $4.48 million, using the Bybit exchange. Notably, a long-dormant Ethereum whale, involved in Ethereum's initial coin offering (ICO) nearly a decade ago, recently made its first transaction in almost 10 years. This historic whale moved a minuscule amount of ETH – 0.002 ETH, worth around $5 – a stark contrast to its original ICO investment of 2,000 ETH, currently worth approximately $5.05 million.

This flurry of whale activity highlights the inherent volatility within the cryptocurrency market and the significant influence these large holders can exert on price movements. It is crucial to remember that this information is not investment advice. For further analysis, exclusive news and updates, follow us on Telegram and Twitter. Information compiled from internet sources.