The Chiliz Whale has yet again transferred 20 million CHZ tokens. Will it impact the price in a low-volume market?
A whale wallet that starts with 0x8163, holding nearly 650 million Chiliz tokens (CHZ), has transferred 20 million tokens. Today the CHZ chart has formed an indecisive Doji candle, but with the low volume in the market, is a dump incoming with the transfer of these tokens?
The Whale Transferred 20 Million CHZ
The 0x8163 wallet transferred 20 million CHZ around 6 hours from press time to an address, 0x4da2. Then, the 0x4da2 has moved over 18 million CHZ to multiple addresses in transactions, mainly consisting of a batch of 2 million CHZ each.
Source: Etherscan
Except for two wallets starting with 0x4044 and 0x1ae0, all the other wallets still store the CHZ they received from the 0x4da2. These two wallets together transferred 373,999 CHZ to the OKX exchange.
A Price Dump Incoming?
Nearly 374 thousand CHZ transferred to exchanges cannot put selling pressure on the market. But, if the whale steadily transfers the remaining 20 million tokens spread across multiple wallets, it can impact the price, considering that the volume is low.
Earlier on Dec. 19, the whale transferred 14 million CHZ tokens in a similar fashion. They first moved 14 million CHZ to 0x4da2, and then the tokens were spread across multiple wallets in batches of 1.4 million CHZ. The CHZ price fell by nearly 10% on Dec. 19.
Previously, the wallet 0x8163 used the same pattern and transferred 20 million CHZ to 0x4da2 on Dec. 8. To date, the price has been down by over 32%. The wallet holds nearly 650 million Chiliz presently. If they continue this pattern of transferring the tokens to exchange, it can have a significant impact on the price of CHZ
Source: TradingView, CHZ/USDT, Binance
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