Huo Xing Cai Jing reports that on May 25, ESPORTS dropped over 90% within an hour, with its market cap falling to $33 million. On-chain analysis indicates that addresses associated with the ESPORTS team have completed the sale of all 60 million tokens, realizing over $6 million in profits. Two months ago, addresses linked to the ESPORTS team unlocked more than 60 million ESPORTS tokens from a Gnosis Safe multisig wallet (owned by the project team/VCs).
ESPORTS Drops 90% in One Hour, Market Cap Falls to $33M
MarsBitShare
Summary
ESPORTS plunges 90% in one hour, with market cap now at $33 million, according to on-chain analysis. MarsBit reports that the project team sold 60 million tokens from a Gnosis Safe multisig wallet, earning over $6 million. The tokens were unlocked two months ago from the project/VC allocation. Altcoins are under pressure as the sell-off underscores sudden liquidity risks.
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