On 8 December, the whale initiated another transfer transaction of 20 million CHZ to these same nine externally operated addresses before depositing them to Binance and OKX.
Observed on a daily chart, selling momentum rallied as more CHZ holders dumped the coin in the past few days. In fact, while other tokens saw growing accumulation as the market attempted to recover following FTX’s unexpected demise, CHZ failed to see similar growth. The rapid fall in CHZ accumulation following FTX’s fall culminated in the commencement of a new bear cycle on 20 November. The Moving Average Convergence Divergence line intersected the trend line in a downtrend and has since posted red histogram bars.
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