Summary
- Kava (KAVA) was reported to be down 24.57% from a day earlier amid signs of large token transfers and selling.
- On-chain analysis showed that about 48.36 million Kava, worth about $3.3 million, was moved from the Kava network to BNB Chain.
- The wallet then swapped 100,000 Kava at a time into BNB through a decentralized exchange (DEX), while the possibility of a hack was raised but not confirmed.
Kava is plunging after signs emerged of large token transfers and possible selling pressure.
As of 7:30 p.m. on November 14, Kava was trading at $0.05161, down 24.57% from a day earlier, according to CoinMarketCap.
The cause of the sharp decline remains unclear.
Community discussions have raised claims that a large amount of Kava was moved out and then sold. One on-chain analysis account said about 48.36 million Kava, worth about $3.3 million, was transferred from the Kava network to BNB Chain.
Transactions were then seen from the wallet swapping 100,000 Kava at a time into BNB through a decentralized exchange, or DEX.
The wallet is still known to hold about 47.96 million Kava.
Some have also raised the possibility of a hack, but it has not been confirmed whether any breach occurred or where the tokens came from.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.