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<p>The post <a href="https://coinpedia.org/news/massive-54-2-million-transfer-causes-avax-to-plummet-10/">$54 Million AVAX Sell-Off Triggers MASSIVE Price Crash: Recovery Possible?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p><a href="https://markets.coinpedia.org/avalanche/">Avax</a>, a popular cryptocurrency, experienced a sudden and significant 10% drop recently. This was triggered by a massive transfer of approximately $54.2 million worth of AVAX tokens to major exchanges. The sudden movement has left investors concerned about the cryptocurrency’s stability.</p> 
<p>Here’s more on this.</p> 
<h2 class="wp-block-heading" id="h-the-transfer-what-happened">The Transfer: What Happened?</h2> 
<p>An investigation by <a href="https://coinpedia.org/news/zachxbts-intervention-halts-a-6-figure-scam-amidst-the-rise-of-crypto-phishing-attacks/" target="_blank" rel="noreferrer noopener">ZachXBT</a> revealed that an entity (0x32….4f30) transferred 1.96 million AVAX to Coinbase, Binance, and Gate, and utilised cross-chain bridges like <a href="https://markets.coinpedia.org/thorchain/" target="_blank" rel="noreferrer noopener">THORChain</a>. This substantial transfer aligns with the sudden decline in AVAX’s value, supporting the theory that such large movements can heavily influence market prices.</p> 
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   <p lang="en" dir="ltr">According to ZachXBT’s investigation, AVAX has fallen 10% in the past few hours, most likely because an entity (0x32…4f30) began to transfer 1.96 million AVAX (worth $54.2 million) to Coinbase, Binance, Gate, and used cross-chain bridges such as THORChain for transfers.…</p>— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1804418085677601014?ref_src=twsrc%5Etfw">June 22, 2024</a>
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<h2 class="wp-block-heading" id="h-avax-price-action-explained-nbsp">AVAX Price Action Explained&nbsp;</h2> 
<p>On June 22, 2024, AVAX started trading at around $27.80 in the first hour. However, by the tenth hour, the price had dropped to nearly $24.99, reflecting significant market stress exacerbated by the large token transfer. There has been a slight recovery since, but the overall trend remains uncertain.</p> 
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 <img decoding="async" width="1600" height="900" src="https://image.coinpedia.org/wp-content/uploads/2024/06/22190648/image-412.png" alt="" class="wp-image-318708" srcset="https://image.coinpedia.org/wp-content/uploads/2024/06/22190648/image-412.png 1600w, https://image.coinpedia.org/wp-content/uploads/2024/06/22190648/image-412-300x169.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/06/22190648/image-412-1024x576.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/06/22190648/image-412-768x432.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/06/22190648/image-412-1536x864.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/06/22190648/image-412-390x220.png 390w, https://image.coinpedia.org/wp-content/uploads/2024/06/22190648/image-412-150x84.png 150w" sizes="(max-width: 1600px) 100vw, 1600px">
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<p>At the beginning of June 2024, AVAX was valued at approximately $36.09. Since then, the cryptocurrency has seen a persistent downward trend, with more red candles (indicating price drops) than green ones on daily charts.</p> 
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 <img decoding="async" width="1600" height="900" src="https://image.coinpedia.org/wp-content/uploads/2024/06/22190649/image-413.png" alt="" class="wp-image-318709" srcset="https://image.coinpedia.org/wp-content/uploads/2024/06/22190649/image-413.png 1600w, https://image.coinpedia.org/wp-content/uploads/2024/06/22190649/image-413-300x169.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/06/22190649/image-413-1024x576.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/06/22190649/image-413-768x432.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/06/22190649/image-413-1536x864.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/06/22190649/image-413-390x220.png 390w, https://image.coinpedia.org/wp-content/uploads/2024/06/22190649/image-413-150x84.png 150w" sizes="(max-width: 1600px) 100vw, 1600px">
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<p>Over the past month, AVAX has declined by 36.1%, with a 15.0% drop in the last week alone. In the last 24 hours, AVAX decreased by 6.3%, followed by a slight 1.2% increase in the most recent hour, reflecting the volatility seen in hourly trading.</p> 
<h2 class="wp-block-heading" id="h-what-it-means-for-investors">What It Means for Investors </h2> 
<p>The recent large transfer of AVAX tokens to exchanges has had an immediate and significant impact on its market value. This event underscores the volatile nature of the cryptocurrency market, where substantial transfers can strongly influence prices and investor sentiment.</p> 
<p>Understanding these developments is crucial for investors navigating the complexities of digital assets like AVAX.</p> 
<p>Also Read : <a href="https://coinpedia.org/news/trumps-campaign-refunds-winklevoss-twins-bitcoin-donation-exceeding-legal-limit/">Trump Campaign Refunds Excessive Bitcoin Donation from Winklevoss Twins</a></p> 
<p><strong>Are whales manipulating the AVAX market? Weigh in with your opinion!</strong></p>

$54 Million AVAX Sell-Off Triggers MASSIVE Price Crash: Recovery Possible?

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