According to cryptocurrency onchain data, the wallet, likely owned by the same person or company, sold 26.52 million SWARMS in the last three days, equivalent to a total of $8.08 million.

It is thought that these sales are the reason for the recent drop in the token's price.

SWARMS price has lost 27% in the last 24 hours.

Chart showing the decline in SWARMS price.

Details of the sales that caused the sudden decline are as follows:

The first crypto whale address sold $5.16 million worth of SWARMS tokens over the past three days. Another crypto address that funded this address sold three-quarters of its position, making a total profit of $3.73 million. The wallet’s holdings of tokens are worth around $1.25 million, and the tokens cost it just $0.022 to buy. At the time of writing, SWARMS is trading at $0.24.

The second crypto whale address sold $1.4 million worth of altcoins in the last 11 hours. The last crypto address sold $1.52 million worth of SWARMS in the last two days.

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When the second and third cryptocurrency addresses are examined, it is seen that their funding source is four different other cryptocurrency addresses. All of these addresses were created nine days ago and are likely to be either insider addresses or market maker company addresses.

*This is not investment advice.

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