According to CryptoComLearn, the Bless project transferred 100 million BLESS tokens from Solana to the Binance Smart Chain (BSC) at 05:10 UTC+8 on April 26, subsequently selling them for approximately $660,000. The move is part of a larger sell-off following a significant price increase of BLESS tokens over the past ten days.
Massive Sell-Off Details
Data shows the project has offloaded a total of 500 million BLESS tokens, worth around $5.09 million. Of these, 200 million tokens were sold through the Bitget exchange, while the remaining 300 million were directly sold on the BSC chain. This cross-chain transfer and concentrated selling pattern is often used to capitalize on liquidity differences or lower transaction costs across blockchains.
Market Impact and Outlook
Despite the recent surge in BLESS price, the large-scale sell-off by the project team may weigh on market sentiment. Investors should be cautious of potential short-term price volatility. As of now, the BLESS token price has not shown dramatic fluctuations, but market participants are closely monitoring whether the project will continue to reduce its remaining holdings.
Strategic Intent Behind Cross-Chain Move
The transfer from Solana to BSC likely reflects the project's assessment of on-chain liquidity environments. BSC, with its wide range of DEXs and trading pairs compatible with Ethereum's EVM, facilitates faster liquidation. Meanwhile, recent congestion on Solana may also have prompted the operational adjustment. However, the exact motive—whether for operational funding or market making—has not been publicly disclosed.