$CHIP didn’t just “dip” — it got slammed by aggressive selling pressure. The clearest signal? Whales are unloading hard. At peak activity, on-chain flows showed nearly $138M exiting per hour, and one wallet alone dumped around $2.3M without caring about price impact.
The chart backs it up. $CHIP attempted a move toward $0.067 but was rejected immediately — a strong indication that sellers are still dominating the market.
Why now? A major CEX competition ends in about 6 hours, and this looks like a classic “buy the rumor, sell the news” setup. The difference this time is that large holders started exiting before the event even finished — usually a sign that smart money is front-running retail expectations.
There is one possible bullish signal, but it’s highly speculative: a whale opened roughly $7.65M in long positions across DEXs. That could suggest insider confidence… or simply an attempt to catch a reversal too early.
The bigger concern remains token supply:
Around 80% of total supply is still locked
Total supply sits at 10B tokens
22.9M tokens unlock on May 21, which could introduce additional sell pressure if holders decide to take profits
Technicals still lean bearish:
RSI dropped near 15 (oversold territory), but the recovery bounce has been weak
MACD remains deeply negative, suggesting bearish momentum is still intact
Right now, the market structure favors caution until buyers prove they can absorb the ongoing sell pressure.
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