Bitcoin Rises While Binance-Backed Altcoin Plunges 27%: Here’s the Reason!

The drop in altcoin, which emerged as Binance’s launchpool project, as the market was rising, drew attention. According to the on-chain analysis account Spot On Chain’s post on March 21, Space ID (ID) price plummeted 27% in 24 hours before the $125 million unlock. According to Token Unlocks data, approximately 78.43 million tokens worth $125 million, equivalent to 18% of the circulating supply of Space ID, will be unlocked at around 05:00 am GMT. It is noteworthy that the drop before the unlocking amounted to 20%. While Bitcoin and cryptocurrencies have been rising for the past 2 days, ID fell from $1.7 to $1.25, a decline of 27%. Earlier, a wallet and market maker connected with the SpaceID team deposited a total of 18.3 million ID worth $28.5 million to Binance. Spot On Chain suggested that this could be part of the unlocking process.