Binance News: Whale Investment Fuels AUCTION’s Price Surge, While Binance Founder Advocates for Ethical Crypto Projects

Recent developments in the cryptocurrency space have once again put Binance in the spotlight. A significant whale investment in Bounce (AUCTION) tokens has fueled a price surge, while Binance’s founder has emphasized the importance of ethical crypto projects and a long-term focus.

Whale Buys $6.31 Million AUCTION on Binance

Bounce (AUCTION) has been gaining attention due to its bullish price action. Onchain Lens spotted a whale who bought 386,302 AUCTION tokens worth $6.31 million from Binance at an average price of $16.33 per token. Due to the price rise, the whale currently has an unrealized profit of $465,000. Continuous AUCTION outflows from exchanges have been observed in recent days.

Binance Founder Calls for Ethical Crypto Projects and Long-Term Focus

Changpeng Zhao, the former CEO of Binance, criticized the prevailing investment culture in crypto which is driven by greed and the quest for quick profits. He called on crypto development teams to create ethical projects built for the long term, where profits are earned gradually. His remarks were in response to the current price action for Bitcoin and the speculative nature of most altcoins, particularly meme coins. Zhao highlighted the unsustainability of the current crypto market model, which is prone to macro-economic changes and market manipulation.