On-chain Data May Indicate a Significant Dump Risk for This Altcoin
Dump concerns have been raised regarding 2Z, the token of the new blockchain infrastructure project DoubleZero.
According to data shared by on-chain analytics platform Arkham, Jump Crypto acquired $42.8 million worth of 2Z in the last two hours. Approximately $20.9 million of these assets were deposited into Binance and Bybit. These movements have raised questions in the market about whether Jump Crypto is preparing to sell.
The DoubleZero Foundation recently announced the launch of the project's mainnet beta. DoubleZero aims to create a dedicated “fast highway” for blockchains on the internet. Operating over fiber lines, the network, which allows validators within the Solana ecosystem to communicate more quickly and reliably, aims to improve performance by reducing latency in blockchain transactions.
Investors are closely watching how Jump Crypto's exchange transfers will impact the price, along with the project's technical promise.
At the time of writing, 2Z has a total market capitalization of $2.25 billion and is trading at $0.64.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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