Watch Out: Another Manipulation Alert for an Altcoin – Large Amounts of Tokens Are Flowing into Exchanges

A notable development in the cryptocurrency market has led to sharp price movements in the Nomina (NOM) token.

According to data shared by on-chain analyst Ember, a group of addresses controlling at least 59% of the circulating supply transferred a total of 674 million NOM to the Binance exchange in the last hour. This amount, which is approximately 23% of the circulating supply, is said to be worth approximately $3.94 million.

Following this high-volume transfer, the NOM price experienced a sharp drop of up to 25% during the day.

Related News: Token Unlock Events for This Altcoin, Which Has Faced Heavy Criticism Due to Inflation, Will Decrease Significantly Starting This Summer

According to analyses, the same group of addresses may be behind the sixfold increase in the NOM price seen in the last two weeks (from $0.0017 to $0.0126). Indeed, on April 1st, this group withdrew a total of 1.72 billion NOM from Binance through seven different wallets, representing 59% of the circulating supply. This situation has raised the possibility of market manipulation.

On the other hand, Nomina, formerly known as Omni, positions itself as a unified trading platform for on-chain markets.

*This is not investment advice.

Continue Reading: Watch Out: Another Manipulation Alert for an Altcoin – Large Amounts of Tokens Are Flowing into Exchanges