Massive Sell-Off Happened in the Altcoin That CZ Raised Its Price!

Cryptocurrency-focused travel agency Travala has been making headlines lately with its moves. First, Travalai announced plans to create a dedicated Bitcoin (BTC) and AVA reserve.

Afterwards, former Binance CEO CZ shared a post reminding that Binance invested in this crypto travel platform before the COVID-19 pandemic and the “crypto winter” that followed.

Following CZ’s post, Travala’s native token AVA saw a notable 300% price increase.

While Travala and its token AVA have become quite popular in recent days, the Travala-connected wallet transferred $1.56 million worth of AVA to Binance after the price increase.

According to an on-chain analyst, a wallet connected to Travala transferred 600,000 AVA to Binance.

With this, the Travala wallet made its first recorded sale.

This wallet had previously received 8.21 million AVA from the project a year ago, representing 14.57% of the total circulating supply.

Apart from this, the wallet has withdrawn 1.76 million AVA (worth $1.32 million) from Binance in the last 11 months at an average price of $0.7497.

According to Arkham data, there are still 9.1 million AVA in the wallet, worth $26.4 million.

Following a tweet by CZ, AVA increased three-fold and is trading at $2.74 at the time of writing.

*This is not investment advice.