Binance Exploded with Its Listing, Hit by Intense Selling Pressure!

Binance’s listing drove up the token’s price, but it faced strong selling pressure.

As reported by Kriptokoin.com, the giant crypto exchange Binance announced that it has added the COOKIE token to its listing. This listing news caused a sharp increase in the token price.

A multi-signature wallet linked to the COOKIE token project took some major steps after Binance announced that it would list the token. Just eight hours after the Binance announcement, it sent nearly 20 million COOKIE tokens (around $12.55 million) to the exchange. This triggered a sell-off of COOKIE tokens. The wallet still holds the same amount of COOKIE tokens, which is around $11.33 million. All this activity made the COOKIE market very volatile.

COOKIE transfers started with the address “Cookie: Deployer”. In addition, 75 million COOKIE tokens (around $8.92 million) were transferred to a possible multi-sig wallet labeled ‘Cookie’: Multisign (probably) 0x458.’ From there, 20 million tokens (around $1.3 million) went to “0xf467db17…967.” These tokens were then redirected to Binance, where 20 million COOKIE tokens (around $12.75 million) were deposited. The final stop for these tokens was “Binance 6”, where another 20 million COOKIE tokens were transferred.

COOKIE token price took a hit

20.001 million COOKIE tokens were sold for an average price of $0.619 per token, totaling $12.375 million. The token’s price rose before the sale, but fell sharply after the sale.

Since this price drop coincides with the sale, it is likely that this large transaction impacted market sentiment and the token price. COOKIE’s value fell 27.5 percent in 24 hours. Thus, it fell to $0.531 at the time of writing.

Meanwhile, trading volume also decreased after the price increase. This indicates that the market is entering a consolidation phase. Currently, COOKIE has a market capitalization of $171.09 million. In addition, there are 321,637,101 tokens in circulation. This represents 30.12% of the total supply, which is capped at 1 billion tokens.

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