Two large whales that received millions of tokens from the Spark (SPK) airdrop event transferred a total of approximately $2.7 million worth of SPK tokens to the Binance exchange.
Significant transfers that attract attention in the cryptocurrency world continue to be on investors' radar. According to the latest information shared by the on-chain data platform Lookonchain, two major investors who acquired a massive amount of tokens from the SPK token airdrop event sent their tokens to the Binance exchange. The total transfer amount of the whales reached 39 million SPK tokens, with a reported market value of approximately $2.7 million.
While Lookonchain shared detailed data about the transactions, it noted that the two large whales made their transfers from separate addresses. This situation raised comments that it could create short-term selling pressure for the SPK token in the markets.
The transfer of tokens by large investors to centralized exchanges is generally interpreted as preparation for selling. Especially such transfers that occur immediately after airdrop events require investors to be cautious against price fluctuations in the short term. Transfers to high-volume exchanges like Binance can lead to sudden changes in the prices of crypto assets.
The price of SPK tokens and how the market will shape in the coming days will be better understood by monitoring such whale movements. Cryptocurrency investors' attention to significant transfers and whale activities may help them be prepared for sudden price changes in the market.
