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BNB Feels the Sting as Whale Cuts Losses, Price Tumbles 22%

• A whale sold 10,000 BNB coins at $230 and pocketed a total of $2.3 million
• The sale of the BNB tokens could be attributed to the US SEC deeming it as security and also their lawsuit against Binance
• The price of BNB had fallen by over 22% in the last seven days and down 1.18% in the last 24 hours.

A Whale Sells 10,000 BNB Coins

A whale that has been dormant for 2 years sold 10,000 BNB coins ($2.3M) at $230 on June 12th. This wallet still had 15,000 remaining which is roughly valued at $3.5 million. This sale was made after two years of dormancy amid an ongoing crypto regulatory crackdown.

US SEC Deems BNB a Security

The sale of the BNB tokens could be attributed to the US Securities and Exchange Commission (SEC) labeling it as a security as well as its lawsuit against Binance, Binance US, and Changpeng ‚CZ‘ Zhao for allegedly breaking securities laws.

BNB’s Price Plunges

According to CoinMarketCap, the price of BNB had fallen by over 22% in the last seven days and down 1.18% in the last 24 hours at press time. At this time, it was trading around $229.9 with an RSI dip into oversold territory below 30 points – highlighting its severely undervalued position compared to before when it made 110K ($47M).

The Dormant Whale’s Trade History

The whale accumulated these coins two years ago when it transferred 10BNB to SafeMoon and received 100 trillion SafeMoon tokens most of which were dumped for 110K worth of BTC at that time before being held until now (25K remaining).

Conclusion

Overall, this whale cashed out part of its holdings due to both regulatory pressure from authorities as well as bearish market sentiment causing many investors to cut their losses with Altcoin like BNB feeling the sting from these effects recently seen through its 7-day drop in prices by more than 20%.