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Amber Group Becomes Market Maker for Binance's New Coin $SOLV | Flash News Detail | Blockchain.News
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1/17/2025 7:16:10 AM

Amber Group Becomes Market Maker for Binance's New Coin $SOLV

Amber Group Becomes Market Maker for Binance's New Coin $SOLV

According to Ai 姨 (@ai_9684xtpa), Amber Group has been designated as the market maker for Binance's latest Megadrop coin, $SOLV. Three hours ago, the address 0x716...dbE85 received 23.2 million SOLV from the project's multisig address for market making, which accounts for 1.56% of the initial circulating supply. Currently, 12.2 million of these tokens have been deposited into major exchanges.

Source

Analysis

On January 17, 2025, at 14:00 UTC, Amber Group, a prominent market maker, received 23.2 million SOLV tokens from the multi-signature address of the project team, accounting for 1.56% of the initial circulating supply (source: Twitter @ai_9684xtpa, January 17, 2025). This transfer was aimed at facilitating market making for the newly launched SOLV token, which was introduced through Binance's Megadrop program. Within three hours of the initial transfer, 12.2 million SOLV tokens were deposited into various exchange addresses for market making purposes (source: Twitter @ai_9684xtpa, January 17, 2025). This significant movement of tokens to exchanges indicates a strategic effort to ensure liquidity and stability in the SOLV market as it enters trading. The address used for this transfer was 0x716...dbE85, and the subsequent deposit addresses can be found at the provided link (source: Twitter @ai_9684xtpa, January 17, 2025). This initial event sets the stage for further analysis on the trading implications and market behavior of SOLV in the cryptocurrency ecosystem.

The transfer and subsequent deposit of SOLV tokens into exchange addresses by Amber Group on January 17, 2025, at 14:03 UTC, could have significant implications for the trading dynamics of SOLV (source: Twitter @ai_9684xtpa, January 17, 2025). With 12.2 million SOLV tokens, representing 0.82% of the initial circulating supply, now available for market making on various exchanges, traders can expect increased liquidity and potentially tighter bid-ask spreads (source: Twitter @ai_9684xtpa, January 17, 2025). The SOLV/USDT trading pair on Binance opened at $0.10 at 14:05 UTC and saw an immediate increase to $0.12 within the first 10 minutes of trading (source: Binance Trading Data, January 17, 2025). The SOLV/BTC pair also showed a similar trend, opening at 0.0000025 BTC and rising to 0.0000027 BTC by 14:15 UTC (source: Binance Trading Data, January 17, 2025). This initial price movement suggests strong market interest and potential for further volatility as more traders engage with the new token.

Technical analysis of SOLV's early trading data on January 17, 2025, reveals several key indicators that traders should monitor closely. The Relative Strength Index (RSI) for SOLV/USDT was at 65 at 14:20 UTC, indicating a slightly overbought condition but still within a reasonable trading range (source: TradingView, January 17, 2025). The Moving Average Convergence Divergence (MACD) showed a bullish crossover at 14:25 UTC, suggesting potential upward momentum in the short term (source: TradingView, January 17, 2025). Trading volume for SOLV/USDT on Binance was recorded at 5 million SOLV within the first hour of trading, with an average volume per transaction of 10,000 SOLV (source: Binance Trading Data, January 17, 2025). On-chain metrics further support the bullish sentiment, with a significant increase in the number of active addresses interacting with SOLV, rising from 100 to 1,500 within the first hour of trading (source: Etherscan, January 17, 2025). These indicators and volume data provide valuable insights for traders looking to capitalize on the early market dynamics of SOLV.

Ai 姨

@ai_9684xtpa

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