A Power Protocol-linked wallet transferred 30 million POWER tokens to exchanges Bitget and MEXC, triggering a steep price fall within hours.
A wallet connected to the Power Protocol project transferred 30 million POWER tokens, valued at approximately $16.23 million, to cryptocurrency exchanges Bitget and MEXC between 23:00 and 9:00. Shortly after the movement, POWER’s market price crashed from $1.86 to $0.17, representing a decline of nearly 90%. Such large on-chain transfers to exchanges are often interpreted by traders as potential sell signals, which may have contributed to the rapid market reaction.