FTX News: $46M mSOL Transfer to Coinbase Prime Triggers Crypto Market Debate

3 weeks ago 11

$46M mSOL Transfer to Coinbase Sparks Debate"

The post FTX News: $46M mSOL Transfer to Coinbase Prime Triggers Crypto Market Debate appeared first on Coinpedia Fintech News

A major transfer of mSOL from an FTX wallet to Coinbase Prime has stirred significant speculation among crypto enthusiasts. This development has ignited discussions on its potential impact.

Here’s what we know so far.

Strategic Moves or Market Reaction?

The news broke via a post on X by Lookonchain, revealing a massive transfer of mSOL, valued at approximately $46.09 million, from an FTX wallet to Coinbase Prime

The #FTX wallet transferred 240,247 $mSOL($46.09M) to #CoinbasePrime 4 hours ago.https://t.co/18HAetx4cO pic.twitter.com/iGZ2PM1Mp3

— Lookonchain (@lookonchain) August 27, 2024

The crypto community has been buzzing with reactions. Some view this move as a strategic maneuver by the FTX team. MemcoinBest, a notable Solana and Aptos enthusiast, is among those who believe this transfer could influence current trading patterns and is calling for an open discussion on the potential effects.

Interesting move! This transfer could signal a shift in liquidity or a strategic play by the FTX team. What implications do you think this has for $mSOL and the broader market? Let's discuss how major wallets influence trading patterns!

— MemecoinBest – Solana & Aptos Maxi (@CanberrasBest) August 27, 2024

mSOL Price Trends

Currently, mSOL is priced around $186.48. Over the past 24 hours, it has declined by 4.0%. However, in the last week, it has risen by 5.7%, and in the past two weeks, it has increased by 6.6%.

Earlier this month, mSOL was priced at nearly $207.65. It then dropped to a low of $156.48 on August 5, indicating increasing seller strength. On August 6, the trend reversed with a strong green candlestick, and on August 7, buyers and sellers were locked in a fierce battle, ending with a slight buyer advantage.

The following day, buyers attempted to push the price to a new monthly high but fell short, closing at $197.05. A period of sideways movement ensued. On August 23 and 24, buyers made another strong push to reach a monthly peak but were unable to surpass the $197.05 resistance level. In the last three days, sellers have regained control, as evidenced by three consecutive red candlesticks.

Looking Ahead

While the recent transfer could potentially lead to a positive market shift, such a trend is not yet evident. The situation remains fluid, and market reactions will be closely monitored.

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What do you think? Will this transfer have a major impact on the crypto market?

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