The ESPORTS token plunged over 90% within one hour, with its market cap dropping to $33 million. On-chain analysis shows that addresses associated with the ESPORTS team have sold 60 million tokens, realizing over $6 million in profits. Two months ago, team-related addresses unlocked over 60 million ESPORTS tokens from a Gnosis Safe multisig wallet.
ESPORTS Token Drops 90% in One Hour as Team Addresses Sell 60 Million Tokens
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Summary
On-chain analysis shows the ESPORTS token dropped 90% in one hour, with its market cap falling to $33 million. On-chain data reveals that team addresses sold 60 million tokens, netting over $6 million. The tokens were unlocked from a Gnosis Safe multisig wallet two months ago.
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