Summary
- LayerZero Foundation has reportedly transferred ZRO worth approximately $43M to Coinbase.
- The LayerZero Foundation's multisig wallet currently holds ZRO worth approximately $238M.
- Large coin deposits to exchanges may lead to increased selling pressure and short-term volatility.
LayerZero (ZRO) Foundation has been found to have transferred a large amount of ZRO to Coinbase.
On the 21st, on-chain analyst ai_9684xtpa revealed via X (formerly Twitter) that "LayerZero Foundation's multisig wallet transferred 1 million ZRO to Coinbase exchange about 7 hours ago." This amounts to approximately $3.06 million (around 43 billion won).
The analyst added, "Currently, the wallet holds a total of 77.91 million ZRO, which is worth approximately $238 million."
Typically, large coin deposits to exchanges can lead to increased selling pressure, which may result in heightened short-term volatility.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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