A multi-signature wallet connected to the COOKIE token project made some big moves after Binance said it would list the token. Just eight hours after Binance’s announcement, roughly 20 million COOKIE tokens (worth about $12.55 million) were sent to the exchange, triggering a COOKIE sell-off.
The wallet still holds about the same amount of COOKIE, valued at around $11.33 million. All this activity has made the COOKIE market pretty volatile.
A multi-sig linked to the Cookie project deposited 20M $COOKIE ($12.55M) to #Binance 8 hours ago, following the Binance listing news!
This multi-sig received a total of 75M $COOKIE from Cookie’s Deployer wallet on June 13, 2024, and now still holds 20M $COOKIE ($11.33M).
Follow… pic.twitter.com/5ChDY7hjbF
— Spot On Chain (@spotonchain) January 11, 2025
Tracing the COOKIE Transfers
The COOKIE transfers started with the “Cookie: Deployer” address, which moved 75 million COOKIE (worth about $8.92 million) to a probable multi-sig wallet labeled “Cookie: Multisign (likely) 0x458.”
From there, another 20 million tokens (worth about $1.3 million) went to the address “0xf467db17…967. ” These tokens were then routed to Binance, where 20 million COOKIE (worth $12.75 million) were deposited.
The final stop for these tokens was “Binance 6,” where another 20 million COOKIE were sent.
COOKIE Token Price Takes a Hit
So what happened to the COOKIE price? Well, 20.001 million COOKIE were sold for $12.375 million at an average price of $0.619 per token. The token’s price jumped before the sale but quickly fell after.
Read also: Binance Futures Expands Market With New Token Contracts
This price drop happened at the same time as the sale, showing that this huge transaction likely affected market sentiment and the token price. COOKIE’s value dropped 27.5% in 24 hours, falling to $0.531 at the time of writing.
Trading volume also went down after the price spike. This suggests the market might be entering a consolidation phase. Right now, COOKIE’s market cap is $171.09 million, with 321,637,101 tokens in circulation. This is 30.12% of the total supply, which is capped at 1 billion tokens.
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