In a recent development that was reported by Lookonchain, an early Binance Coin (BNB) holder reentered the market by depositing 7,005 BNB, equivalent to $1.48 million, back into Binance. This move follows the whale's history of significant transactions, including a withdrawal of 505,990 BNB worth $1.8 million in 2017-2018 and a subsequent deposit of 500,543 BNB valued at $56 million when BNB's price was $112.
Traditionally, such moves by early whales have often been associated with bearish signals, suggesting that they may be selling their super-profitable positions. As a result, many have speculated whether this sudden activation is an indication of an impending market correction.
The impact was immediate, with BNB's price dropping by 1.3%. Currently trading at $209.5, Binance Coin is precariously close to a three-year low, just $20 or 10% away from its current value.
The main question for now is whether this early Binance investor decided to cash out some of their holdings, possibly to hedge against the risk of a potential BNB collapse. The uncertainty surrounding this move has only added to the intrigue, and all eyes are now on the BNB price chart, waiting to see how this event will shape the future of this popular token.