Analyst: Power Protocol Project Team's Associated Address Transfers 30 Million Tokens to CEX, Causing Sharp Price Drop
2026-03-04 12:44
According to on-chain analyst Yu Jin's monitoring, an address associated with the Power Protocol project team transferred 30 million POWER tokens (worth $16.23 million) into Bitget and MEXC from last night until this morning, causing the token POWER (Power Protocol) to plummet by 90%: from $1.86 to $0.17.
· The 30 million POWER tokens were transferred from the team's associated multi-signature wallet 0x027A...cd6c to Bitget and MEXC between 11 PM last night and 9 AM this morning: 20 million went to Bitget, and 10 million went to MEXC.
· Subsequently, the price of POWER began to fall, dropping from $1.86 to $0.17.
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