Crypto Whale Driving Up the Price of Ethereum (ETH)-Based Altcoin As It Withdraws From Exchanges: Onchain-Data

A single crypto whale likely drove up the price of an Ethereum (ETH)-based altcoin on Monday, according to the blockchain-tracking platform Lookonchain.

Mask Network (MASK), a project that aims to bring Web3 features to social media platforms like Twitter and Facebook, shot up from trading around $3.26 at the beginning of the day on Monday to a high of $4.21, a more than 29% price increase.

The 153rd-ranked crypto asset by market cap has since partially retraced and is trading at $3.74 at time of writing.

Lookonchain reports that a whale withdrew about 3.6 million MASK worth roughly $14.8 million from the crypto exchanges Binance, OKX, KuCoin, Huobi on Monday.

“It is likely that this address is driving up the price of MASK. We analyzed the historical transfer-in and transfer-out of the address ‘0xEf7C.’ And found that in many cases, transfer-in will lead to an increase in the price of MASK, and transfer-out will cause the price of MASK to drop.”

Lookonchain also notes that the whale address withdrew 0.5 ETH as a gas fee from the South Korean crypto exchange Upbit. Upbit announced this week that it would roll out trading support for MASK, and Lookonchain speculates that the whale might transfer its MASK to Upbit to sell.

MASK is up nearly 79% since the start of 2023, though it remains more than 90% down from its all-time high of $41.45, which it hit in February 2021.

Generated Image: Midjourney