【2025.3.22】Are Koreans going crazy with speculation? Let’s review the token that surged yesterday $AUCTION
$AUCTION is the native token of the decentralized auction platform Bounce Finance, operating on the BNB Chain. Bounce Finance was established in 2020, initially focusing on providing decentralized auction tools that allow users to create various types of auction pools, including token sales, NFT auctions, and more. Its uniqueness lies in breaking the limitations of traditional centralized platforms, providing project parties and investors with flexible and efficient financing and trading methods.
As the core token of the platform, $AUCTION has multiple functions: users must hold AUCTION to participate in the platform's auction activities, pay fees, or receive additional rewards. At the same time, AUCTION is also used for governance, allowing holders to propose suggestions and vote on the platform's development direction. With the expansion of the platform's functionalities, the application scenarios of AUCTION have gradually extended from pure auction tools to DeFi, NFTs, and even physical asset auctions.
The surge of Auction?
According to on-chain data, the circulating chips of AUCTION are rapidly concentrating in the hands of a few large holders. A whale/group that "manipulated" AUCTION withdrew a total of 2 million AUCTION (26% of the total supply) from Binance using four addresses between February 23 and March 16. During this period, the price of AUCTION rose from $12 to $26. Subsequently, the price of AUCTION continued to rise, reaching a new high this morning, even hitting 68 USDT at one point.
As of March 16, Binance’s AUCTION balance was only 706,000 tokens (about 9%), significantly reducing the potential selling pressure in the exchange's spot market. This highly concentrated chip structure indicates that the giant whale/institution has achieved a certain level of 【control】.
According to the current on-chain data, the whales/institutions that are still "manipulating" AUCTION have three addresses holding approximately 1.5 million AUCTION (67.5 million USD), accounting for 20% of the total supply; it remains to be seen whether they will use it for market making or dumping later.
In such a volatile market, the only principle is to lower leverage, reduce margin, and set profit-taking and stop-loss orders.
More news:
Bitcoin spot ETF saw a net inflow of $83.09 million yesterday, continuing six days of net inflow;
Ethereum spot ETF saw a net outflow of $18.63 million yesterday, continuing thirteen days of net outflow.
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