The reasons behind the transactions remain unknown, and it still remains to be seen whether or not it will affect EOS’ price in any significant way.
According to the new data, there has been a lot of activity within the EOS market recently, with crypto whales moving around 22,999,990 EOS coins (approximately $85,108,534) in the last several hours.
The amount moved was split into two large transactions. First transaction carried 19,999,990 EOS ($74,028,996) from crypto exchange Huobi to an unknown wallet. Only minutes later, a second transaction took place, sending 3,000,000 EOS ($11,079,538) from this unknown crypto wallet to another one.
The reasons behind the transactions remain unknown, and it remains to be seen whether or not it will affect EOS’ price in any significant way. In the last seven days, the EOS price has been on a slow but relatively steady rise, after managing to break a healthy resistance level at $3.40. Notably, the resistance was broken by a sharp growth last Saturday, September 7th.
The growth led EOS’ price to $3,60, which was also broken only hours later as EOS reached the height of $3.90 yesterday, on Tuesday, September 10th, which is when its price started to drop. The drop has continued in the last 24 hours as well, although, in the previous hour or so, EOS price saw small growth, which took it from $3.70 to $3.75.
Is this another attempt at market manipulation?
Crypto whales are known for making such sudden moves that result in moving vast amounts of coins, and whenever they make one such move — they significantly impact the market behavior. This is why many believe that they are doing it on purpose, in an attempt to manipulate the market. If true, EOS might see significant price growth in hours to come, as many are likely to start buying the coin, since the whale responsible obviously isn’t looking to sell them.
On the other hand, the whale has broken down the amount and sent a decent-sized portion of 3 million EOS coins to a separate wallet, which might indicate future plans to start selling smaller amounts of EOS instead of shifting the market once more.
The whales’ behavior is often a mystery, and many will, undoubtedly, keep an eye on these particular wallets in days to come, trying to deduce what is it that the whale might be planning.
As for EOS itself, the coin’s performance in 2019 has been quite positive until early June.
The coin managed to go from $2.45 at the beginning of the year to $8.20 on June 1st. This was its peak in 2019, and after that, its performance was marked by a series of drops which have led it back down.
While the cryptocurrency still sits well above $3, it might only be a matter of time before the price returns to its January value. Perhaps the whale reacted to prevent that. Of course, it is equally as possible that their action had nothing to do with an attempt to manipulate EOS’ price, although many will probably doubt that.