Watch Out: Another Manipulation Alert for an Altcoin – Large Amounts of Tokens Are Flowing into Exchanges

A notable development in the cryptocurrency market has led to sharp price movements in the Nomina (NOM) token.

According to data shared by on-chain analyst Ember, a group of addresses controlling at least 59% of the circulating supply transferred a total of 674 million NOM to the Binance exchange in the last hour. This amount, which is approximately 23% of the circulating supply, is said to be worth approximately $3.94 million.

Following this high-volume transfer, the NOM price experienced a sharp drop of up to 25% during the day.

According to analyses, the same group of addresses may be behind the sixfold increase in the NOM price seen in the last two weeks (from $0.0017 to $0.0126). Indeed, on April 1st, this group withdrew a total of 1.72 billion NOM from Binance through seven different wallets, representing 59% of the circulating supply. This situation has raised the possibility of market manipulation.

On the other hand, Nomina, formerly known as Omni, positions itself as a unified trading platform for on-chain markets.

*This is not investment advice.