The Space ID ($ID) token experienced a significant price drop of 20% within the last 24 hours, signaling turbulence in the market ahead of a substantial unlock event scheduled for March 22. 

This unlock involves the release of 78.5 million $ID tokens, equivalent to 18.2% of the circulating supply, with investors closely monitoring the potential impact on the token’s price dynamics.

In anticipation of this unlock, notable activity has been observed involving two wallets associated with the SpaceID Protocol and Amber Group, a prominent player in the cryptocurrency space.

Over the past three days, these entities have deposited a combined total of 18.3 million $ID tokens, valued at $28.5 million, into OKX and Binance exchanges.

The $ID price fell by 20% (24H) before the massive unlock of 78.5M $ID ($125M), or 18.2% of the circ. supply, on Mar 22!

In the past 3 days, two @SpaceIDProtocol-linked wallets and Amber Group (@ambergroup_io) have deposited 18.3M $ID ($28.5M) to #OKX and #Binance.

Was this… pic.twitter.com/SIgvV8mseb

— Spot On Chain (@spotonchain) March 21, 2024

The first set of deposits originated from the project’s multisign wallet 0x062 and the project-linked wallet 0x92e, which collectively transferred 13.3 million $ID tokens, amounting to $20.3 million, to Binance and OKX at an average price of $1.529. 

Interestingly, these wallets have been active since a sharp price increase on February 9, 2024, depositing a total of 65.4 million $ID tokens, valued at $57.4 million, mostly during periods of significant price fluctuations. Currently, the project’s multisign wallet holds 19.05 million $ID tokens, worth $24.8 million, while the project-linked wallet retains 6.83 million $ID tokens, valued at $8.87 million.

In addition, Amber Group’s wallet 0xec9 deposited 5 million $ID tokens, totaling $8.18 million, to Binance three days ago at an average price of $1.635. This deposit follows a recent transaction where Amber Group received 16 million $ID tokens from wallet 0x1c7 and subsequently withdrew them from OKX at an average price of $1.683, amounting to $26.9 million, on March 18, 2024. 

As of now, Amber Group still holds 11 million $ID tokens, valued at $14.1 million, positioning itself as the 15th largest $ID-holding address. Investors remain vigilant as they monitor these deposit activities and brace for the potential impact of the upcoming token unlock event on the Space ID token’s price trajectory.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: iqoncept/123RF // Image Effects by Colorcinch

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