As an experienced analyst, I believe the current downward trend of Quant (QNT) is not only driven by the broader crypto market weakness but also by specific events that put extra pressure on the token. The recent whale transaction moving over 118,000 QNT tokens to Kraken adds fuel to bears’ retest of lows last seen in June 2022.
I’ve experienced a significant drop in Quant (QNT) price over the past 24 hours, approximately 5%, as the larger crypto market exhibits weakness and causes Bitcoin to hover around the $65,000 mark.
Amidst the ongoing market turmoil for Bitcoin and other leading cryptocurrencies due to macroeconomic factors, Quant (QNT) faces an additional risk as a large investor transferred more than 118,000 QNT tokens to the Kraken digital asset exchange.
The quantum computing technology stock, QNT, reached a peak price of $102 on May 21st. At present, it is trading at $79.85. Bullish investors are facing pressure, potentially leading to bears revisiting the support levels last observed in June 2022.
Quant whale moves 118k QNT
As a researcher examining transaction data on the Spot On Chain platform, I’ve discovered that approximately six years ago, a significant investor (referred to as a “whale” in crypto circles) transferred 118,009 Quant tokens, then worth around $9.76 million, from their wallet to Kraken, a popular cryptocurrency exchange.
Lookonchain pointed out that a large investor moved 8,050 QNT tokens from their wallet when the token’s price touched $92. This transfer took place concurrently with an 11% decline in QNT’s price.
As a researcher studying market trends, I’ve observed that the whale chose not to sell during the 2021 bull market. Unfortunately, their recent decision to cash out means they missed out on potentially earning a substantial profit of around $130 million.
Approximately six years ago, that specific address amassed 326 thousand dollars’ worth of QNT, which was valued at a mere 200 thousand dollars back then. Since then, it has remained untouched for a period of six years. Notably, it failed to participate in the significant surge during 2021, potentially missing out on an astounding increase in value, reaching as high as 130 million dollars—a potential 650-fold rise. (Source: Spot On Chain, posted on X)
In the year 2021, the Quant cryptocurrency reached its peak in a bull market at a price of $427. However, currently, its value has dropped approximately 81%, with bearish forces intensifying.
92% of Quant addresses currently in loss
According to data from IntoTheBlock, approximately 20% of the addresses that purchased Quant (QNT) between $59.22 and $98.17 are currently making a profit. Conversely, nearly 57% of these addresses have incurred losses, and around 23% find themselves at the breakeven point.
As a researcher examining the on-chain data related to Quantum (QNT) tokens, I’ve discovered that approximately 92% of the addresses holding these tokens currently have their balances reflecting a loss, with the token price being under $80.22.
Read More
Sorry. No data so far.
2024-06-17 18:51