ELSA token transfer triggers intense volatility: after a large transfer from the team wallet, a rollercoaster market ensues

NonFungibleDegen · 2026-01-23T02:36:13+00:00

On the evening of January 23, ELSA tokens experienced a large-scale transfer, causing intense market volatility. At 5 a.m., the price of ELSA surged by 173%, but then retraced by 38%. The current price is $0.21459, with a market capitalization of approximately $48.54 million. The market has various opinions on the cause of this fluctuation.

NonFungibleDegen

2026-01-23 02:36:13

Abstract generation in progress

【Blockchain Rhythm】experienced an anomaly on the evening of January 23rd. According to on-chain data monitoring, $4 million worth of ELSA was transferred from the team wallet to two new wallets, and subsequently these tokens flowed into a major exchange.

This move directly triggered a market frenzy. Starting at 5 a.m. today, ELSA suddenly surged by 173%, and the entire community was discussing it. But the dramatic part is that this rally didn’t hold—within the next hour, the price plummeted by 38%, completing a classic rollercoaster.

As of now, ELSA is trading at $0.21459, with a circulating market cap of approximately $48.54 million. The pattern of initial rise followed by a sharp drop—what is the underlying logic behind this? Is it merely market reaction to large-volume chip transfers, or are there other factors? Different opinions exist in the market. However, from the timeline, the “coincidence” of large holder chip movements and sharp price fluctuations is worth paying attention to.

ELSA-17,52%

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

15 Likes

Reward
15
7
Repost
Share

Comment

0/400

FlashLoanLarry

· 1h ago

ngl the 173% pump followed by a 38% dump screams textbook liquidity extraction... team moving 4m to exchanges then watching retail fomo in? that's not a coincidence, that's opportunity cost optimization at its finest lol

Reply0

LiquidationTherapist

· 6h ago

It's the same old trick again, throwing 4 million to play a big show. --- A 173% surge in one hour and then it’s all out, is it funny or serious? --- Team transfers from wallet -> exchange -> dump, how many times has this script been played? --- Let's see who got trapped at 0.2 again, really. --- Whale transfers are signals; this time, no one escaped, everyone. --- The rollercoaster market, a scraping board for retail investors at the bottom. --- First pump, then dump—who are they cutting the leeks for? --- A transfer of 4 million USD can cause such a big ripple; the market is very fake. --- Here we go again, it's exhausting to watch. --- When the team wallet moves, the price must explode; the pattern is right there.

View OriginalReply0

ForkLibertarian

· 01-23 03:06

It's the same old trick, the team dumps and still pretends to be innocent. Another project that got liquidated, is this all for 4 million USD? The timeline is too obvious, I don't want to say more. Team transfers = dumping, I used to believe this formula. Damn, a 173% surge at 5 a.m.? I must have been asleep again. Pump first, then dump—this is it? Might as well play contracts. It feels like the team has wanted to run for a while; these transfers are a signal. This is the most real side of Web3, brother.

View OriginalReply0

SolidityStruggler

· 01-23 03:06

This ELSA operation is just too obvious, the team’s pump and dump tactics are getting more and more crude. --- 173% surge followed by a sharp crash after one hour, these retail investors are really being cut clean. --- No need to look at the K-line, once the on-chain data is out, the ending is already written. --- 400 million dollars transferred followed by a roller coaster, how bad does this script have to be to be so obvious? --- I just want to know how many people bought in during that one hour. --- It’s the same old story, transfer—pump—dump, when will it end? --- Every transfer from the team’s wallet should be analyzed separately, this is too routine.

View OriginalReply0

LayerZeroHero

· 01-23 03:04

This is a typical manipulator's washout routine, pushing up 173% just to dump, retail investors are always destined to be the bagholders. The team wallet transfers and then pumps the price—this logic is too obvious, no need to guess. Where is the bottom price? It still feels like it needs to go further down. It's the same old trick again; throwing $4 million to dump won't create much impact. ELSA now needs to carefully examine the fundamentals, or it will just be pure gambling.

View OriginalReply0

TradFiRefugee

· 01-23 03:02

$4 million being pulled around so easily in a single transaction, typical market maker shakeout tactics --- 5 a.m. 173% increase? I hadn't even woken up and it was gone, this is my fate --- Team transfers out, exchange inflows, a 38% plunge in an hour—this script is a bit rough --- The problem isn't with ELSA, it's that I always realize too late --- It's the same old story of big players shifting chips. When will this act change? --- Still dare to buy at $0.21? Be smart and wait a bit longer --- The drop from 173 to 38 is pretty extreme; these numbers don't match up --- Every time it's "market reaction," but in reality, it's just being harvested --- The circulating market cap is only over $48 million; how poor is this liquidity?

View OriginalReply0

BoredStaker

· 01-23 02:48

4 million USD overnight trip, this deal is really exciting A typical pre-dump prelude, the team wallet transfer has started to cause trouble Rising 173% and wanting to run? Haha, it was immediately brought back to its original shape in an hour This rhythm doesn't seem right, it feels like someone is cutting leeks It's another game of chips, when will we see the real increase The team's move this time is truly brilliant, first hype it up then dump ELSA's show effect is really intense, even roller coasters wouldn't dare to play like this Transferring 4 million directly triggered a risk warning, who still dares to take over First pump, then dump, this script is really cliché Wait a minute, this is obviously the main force washing the disk

View OriginalReply0