POWER Token Plummets 60% After Team Moves $29M

Edgen Crypto

·Mar 03 2026, 17:48

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Key Takeaways

The POWER token experienced a severe price crash of nearly 60% following a large token transfer initiated by its own development team. The event has raised significant concerns about a potential "rug pull," leading to a collapse in investor confidence and casting doubt on the project's future.

Team Transfer: The POWER project team moved approximately $29 million in $POWER tokens, with some funds sent to the Bitget exchange.
Price Collapse: Coinciding with the transfer, the token's price plummeted by nearly 60% in a single day.
Market Impact: The actions strongly suggest a team-led sell-off, which has destroyed investor trust and raises the risk of exchange delistings and regulatory action.

POWER Team Moves $29M as Token Price Collapses 60%

The development team behind the POWER token initiated a significant transfer of approximately $29 million worth of $POWER, sparking a severe price collapse. On-chain data shows the funds were first moved to an intermediary wallet before a portion was deposited onto the Bitget exchange. This activity directly preceded a near 60% plunge in the token's value within the same day, wiping out significant market capitalization.

Investor Confidence Evaporates on Sell-Off Suspicions

The timing and scale of the transfer strongly indicate a team-led sell-off, an event commonly known as a "rug pull" in digital asset markets. Such actions devastate investor confidence, as they suggest the project's own creators are cashing out. The market's reaction was immediate and brutal, reflecting fears of a complete abandonment of the project. This event is likely to trigger further selling pressure, potential delisting from exchanges, and could attract scrutiny from regulatory bodies.