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Analyst: The Power Protocol team's associated address transferred 30 million POWER to the exchange, causing the price to plummet by 90%
According to on-chain analyst Yu Jin's monitoring, addresses associated with the Power Protocol project transferred 30 million POWER (worth 16.23 million USD) from last night to this morning into Bitget and MEXC, causing the token POWER (Power Protocol) to plummet by 90%: from $1.86 to $0.17.
- 30 million POWER was transferred from the team's associated multi-signature wallet 0x027A...cd6c to Bitget and MEXC between 11 PM last night and 9 AM this morning: of which 20 million entered Bitget and 10 million entered MEXC.
- Subsequently, the price of POWER began to decline, dropping from $1.86 to $0.17.
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