Massive Token Dumping: CELT Tokens Sold on OKX Exchange

02/28/2023 06:58 • Blockchain Briefs • 88 views

On February 28, according to the monitoring of 0xScope Protocol, on February 26, the day before the large-scale increase and sell-off of CELT tokens, five EOA addresses deposited 517 million CELTs into the OKX Exchange. These tokens were worth 2.6 million dollars on February 27. The initial funding for these addresses comes from the deployer of the CELT token.

Data: 517 million CELTs were deposited by five addresses to OKX on February 26

Analysis based on this information:

On February 28, blockchain analysts from 0xScope Protocol reported a large-scale token dump of CELT tokens on the OKX Exchange, worth $2.6 million. This occurred one day after five Ethereum EOA addresses deposited 517 million CELTs into the exchange. The initial funding for these addresses is believed to have come from the deployer of the CELT token.

The token dumping event follows the recent instability in the crypto market, wherein Bitcoin and other leading cryptocurrencies dropped in value by 10% or more. The CELT token, which is based on the ERC20 standard, lost nearly 30% of its value on February 27, reaching an all-time low of $0.005576.

The massive amount of CELT tokens deposited on OKX Exchange suggests that the owners planned to sell the tokens, which would further increase the selling pressure and ultimately drive the token value down. The transaction records show that the owners have been selling off their tokens since January, with several transactions worth millions of dollars.

The fact that the deployer of the CELT token was involved in funding the EOA addresses adds another layer of complexity to the situation. It’s possible that the token deployer was trying to salvage some value from the token by conducting such transactions. Alternatively, the deployer could have been involved in a pump and dump scheme, which is a well-known fraudulent activity in the crypto market.

Nonetheless, the OKX Exchange has the right to list any token that meets its criteria, and the decision to list CELT tokens likely followed some due diligence. However, the sudden drop in value and the token dumping event have raised concerns about the integrity of the OKX Exchange and the validity of the token’s market value.

In conclusion, the CELT token dumping event on OKX Exchange highlights the volatile nature of the crypto market and the potential risks associated with investing in new tokens with questionable market value. Token owners should endeavor to conduct due diligence and invest wisely to prevent losses in the highly speculative crypto market.

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Massive Token Dumping: CELT Tokens Sold on OKX Exchange

Data: 517 million CELTs were deposited by five addresses to OKX on February 26

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