AUCTION fell below 30 USDT, and the price crash has left people exclaiming "the selling is ugly".
From on-chain data, a multi-signature address of the project transferred out 359,000 tokens at 03:13 AM, worth approximately 20.48 million USD, flowing to exchanges like Binance and OKX. Just after the transfer ended, at 03:15, the price plummeted, with a 24-hour decline exceeding 58%. The timing of this operation is quite clever, taking action while the Chinese are asleep, clearly intending to quietly dump and take advantage of the last wave of retail investors.
Previously, the project team raised AUCTION from 12 USDT to 68 USDT, attracting many people to buy at a high price, even shorting. As a result, after controlling the price at a high level, they directly sold off, leaving retail investors as the bag holders. This kind of tactic is not new, similar to the REEF of the past; if there is no support after a crash, the next step is a continuous decline. Looking at it now, the key price levels and moving averages show no resistance, and the probability of a complete collapse is quite high. It seems that the project team has run off with the profits, and retail investors can only hope for the best. Is the selling ugly? Indeed! Better to delist it and let it hit zero sooner.
