Whale Address Withdraws ALT from Binance, Sparking Speculation
In an intriguing turn of events, a whale address that does not belong to a crypto exchange or a team recently withdrew a significant amount of ALT from Binance. This transaction occurred amidst a surge in the price of Altlayerโs native token, ALT, leading to speculation among crypto market enthusiasts.
According to data from Spotonchain, $2.99 million worth of ALT was withdrawn from Binance. This withdrawal, combined with the positive derivatives data for the coin, has fueled optimism in the market for ALT.
rochee.eth Accumulates Large Amounts of ALT
The whale address 0xd4a, belonging to rochee.eth, a non-exchange and non-team-holding address, has been accumulating ALT. With a total accumulation of 5.5 million ALT worth $2.99 million, this whale address now holds the second-largest amount of ALT.
Interestingly, this whale address has been active for over eight months prior to the recent withdrawal. The impact of such significant accumulations on the price of ALT remains uncertain but could potentially lead to further price increases as the circulating supply decreases.
In addition to this accumulation, Altlayerโs strategic partnership announcement with OKX and its collaboration with EigenLayer, which raised $100 million from a16z (Andreessen Horowitz), may have contributed to the recent pump in price.
Altlayer Price Sees Significant Uptick
The price of Altlayer has experienced a notable increase of 6.93% in the past 24 hours and is currently trading at $0.5479. During this time, the token reached a high of $0.5826, benefiting from the overall bullishness in the crypto market.
Derivatives data from Coinglass shows a 19.98% surge in the tokenโs open interest and a slight increase of 0.21% in volume. These figures further support the upward trend in the market and align with the observed price pump.
๐ฅ Hot Take: ALTโs Whale Withdrawal and Price Surge Fuel Speculation ๐ฅ
The recent withdrawal of a significant amount of ALT from Binance by a non-exchange whale address has sparked speculation among crypto market enthusiasts. With Altlayerโs native token experiencing a surge in price, market optimism for ALT has grown.
Furthermore, rochee.eth, the whale address accumulating large amounts of ALT, has become the second-largest holder of the token. This accumulation, combined with strategic partnerships and collaborations, may have contributed to the recent price pump.
As a result, Altlayerโs price has seen a notable increase and continues to benefit from the overall bullishness in the crypto market. The derivatives data further supports this upward trend, hinting at potential future gains for ALT.