Ethereum-Based Altcoin Surges 40% in 24 Hours as Crypto Whale Accumulates Tokens
According to blockchain tracking firm Lookonchain, the native token of Bancor Network (BNT), an automated market maker (AMM), experienced a significant surge in price within a day as a single wallet acquired millions of BNT tokens. The wallet is believed to belong to Upbit, a South Korean cryptocurrency exchange. The price of BNT increased by nearly 40%, reaching around $0.55 before witnessing a sell-off event and currently trading at $0.52, down over 17% in the past 24 hours.
Orbs Soars Over 40% in One Day Amidst Increased Trading Volume
Lookonchain also observed that Orbs (ORBS), a blockchain infrastructure provider, rallied more than 40% in one day as crypto players sent the coin’s trading volume soaring. The majority of the trading volume, 93.8%, came from the Korean exchange Upbit, while 4.8% came from Bithumb. Investment firm DWF Labs deposited 24 million ORBS ($792,000) into Bithumb after the price increase. Orbs initially surged from $0.02297 to $0.033 but has retraced and is currently trading at $0.026, down nearly 9% in the past day.
Hot Take: Altcoin Experiences Rapid Price Surge Due to Whale Accumulation
An altcoin project witnessed a significant surge in its price as a crypto whale rapidly accumulated a massive amount of its tokens within a short period of time. This whale’s activity caused the price of the altcoin to increase by nearly 40%. The altcoin reached its peak before experiencing a sell-off event and has since retraced. This event highlights the impact that large-scale token accumulation can have on the price of a cryptocurrency. It also emphasizes the influence of major exchanges, such as Upbit, in driving trading volume and price movements in the crypto market.
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