TOWNS crypto: $0.08 to $0.035 in 48 hours – What’s behind this 50% drop?

Key Points

1. TOWNS crypto plummeted 50.79% from an all-time high of $0.088 to $0.035, with a slight recovery to $0.039 by press time.

2. Whales aggressively sold TOWNS after it rallied to $0.08, with top holders increasing their holdings by 3.13 billion tokens before cashing out.

3. Exchange balance for top wallets surged to 525.05 million tokens, a massive 2.6 billion percent increase, while withdrawals were minimal.

4. Retail investors joined the sell-off, with over 2 billion tokens sold on Binance and Coinbase, resulting in negative net buy/sell delta.

5. Futures metrics turned bearish, with open interest dropping from $12.6 million to $10.93 million and a long/short ratio of 0.88, indicating continued downside expectations.