Liquidity is the lifeblood that keeps the market flowing, the oil that keeps the gears of the blockchain turning. But what happens when that liquidity suddenly disappears?
Recently, on-chain analyst, the Data Nerd shared an interesting activity. The Twitter user known as @BaldBaseBald, a significant player in the crypto market, made a move that sent shockwaves through the community. They pulled out most of the liquidity from LeetSwap, a popular decentralized exchange platform.
The most significant transaction occurred recently. @BaldBaseBald withdrew a staggering 7,000 Ether (ETH) and 142 million BALD tokens, equivalent to a whopping $13 million. This move is akin to draining the ocean with a giant siphon.
Now, @BaldBaseBald holds 12,000 ETH, amounting to an even more astonishing $23 million. However, this move has left LeetSwap in a precarious position. With most of its liquidity gone, the platform’s stability is in question. It’s like a ship in a stormy sea, struggling to stay afloat.
Following this, BALD has lost over 20% of its price in the last hour alone. The price of BALD has seen a significant increase of 97.28% in the past week. In the last 24 hours alone, the price has surged by 73.74%, a testament to the token’s volatility. The 24-hour trading volume for BALD is $899,282.81.
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