For the first time, LEO has dropped below its seed price of $1. It had previously stayed resilient despite the mounting controversy surrounding its issuer, Bitfinex.
LEO has taken a plunge over the last 24H and has finally fallen below the $1 price point, now trading under private sale price. The IEO raised some $1B this year and initial investors are currently at a loss.
The drop has caused LEO to drop a few places on cryptocurrency rankings. Despite being 11th just a few days ago, it is currently at 13th with a market capitalization of $978M. Tron (TRX) and Cardano (ADA) have both surpassed it now, posting meager gains today.
The drop today is a serious support level breached for the controversial exchange token. Interestingly enough, it seems that some large players in the space previously saw this coming. A few days ago, one whale moved 1.2M LEO into the exchange which was valued at the time at around $1.2M, as BeInCrypto has previously reported. That particular transfer came just days after another $5.5M worth of LEO was moved to Bitfinex. Both of these transfers seem to coincide with the recent price drop, indicating there is significant sell pressure. Read More...