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On-chain data shows that a well-known Meme coin project transferred another 50 million USDC to Kraken within the last 10 hours. This transfer has drawn market attention to the project's fund movements.
Since mid-November, the project team has transferred a total of 605 million USDC obtained from ICO sales to Kraken in just a month and a half. What is behind these numbers? Let's take a look.
Back in June during institutional funding, the ICO price for this project was set at $0.004 per token. But now? The token price has dropped to $0.0018. From the listing price to now, the decline has reached 55%, clearly in a broken debut state.
Frequent transfers from the project team to exchanges usually trigger two speculations: either to meet liquidity needs or to gradually offload. For token holders, this series of intense operations undoubtedly increases market uncertainty. The combination of a price dip and large transfers really makes people a bit uneasy.