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.