An Ethereum-Based Altcoin Soars by 31% as Whale Accumulates Coins
According to on-chain data from Lookonchain, an altcoin within the Ethereum ecosystem experienced a significant surge in value as one of its major holders began accumulating more coins. Loom Network (LOOM) saw a 31% increase in less than 24 hours, coinciding with a large whale, potentially Upbit, a Korean crypto exchange, acquiring nearly $6 million worth of LOOM tokens. The entity in question currently controls approximately half of the total supply of LOOM.
After accumulating the tokens, LOOM continued to rise in value. The whale subsequently transferred a portion of its coins out of its wallet but still holds over $250 million worth of the altcoin. At present, LOOM is trading at $0.384, with a 140% increase in performance over the last seven days.
1inch Investment Fund Also Acquires Ethereum Amid Price Drop
Lookonchain also observed that the 1inch Investment Fund purchased Ethereum (ETH) when its price was lower last week. The fund spent $2.5 million to buy 1,609 stETH (staked ether) at $1,551 and acquired a total of 9,164 ETH ($15.07 million) at an average price of $1,645 on August 28 and September 5.
Currently, ETH is trading at $1,589.
Hot Take: Increased Demand Drives Surge in Altcoin Value
The recent surge in value for Loom Network demonstrates the impact that large holders can have on the cryptocurrency market. As this whale accumulates more coins, it creates increased demand for LOOM tokens, leading to a significant rise in value. This trend indicates that the market is heavily influenced by the actions of major players, highlighting the importance of tracking on-chain data to identify potential investment opportunities.
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