One altcoin project soared over a 24-hour period as a crypto whale accumulated a massive amount of its tokens, according to on-chain data.
Blockchain tracking firm Lookonchain says that the native token of the automated market maker (AMM) Bancor Network (BNT) witnessed a big burst to the upside in a day as a single wallet acquired millions of BNT.
The firm says that the wallet is thought to belong to Upbit, a South Korean cryptocurrency exchange.
“The price of BNT has increased nearly 40% today. A wallet suspected to be Upbit has accumulated 4.71 million BNT ($2.54 million, 3.3% of the total supply) in the past 11 hours, which seems to be related to the rise in BNT price.”
According to the firm’s chart, BNT was trading for $0.399 before rallying to around $0.55. The altcoin peaked at around $0.625 yesterday prior to witnessing a sell-off event.
At time of writing, BNT is trading for $0.52, down over 17% in the last 24 hours.
“The price of ORBS surged by 43% today. 93.8% of the trading volume came from the Korean exchange Upbit, and 4.8% came from the Korean exchange Bithumb.
(Investment firm) DWF Labs deposited 24 million ORBS ($792,000) into Bithumb after the price increase.”
The firm’s daily chart shows Orbs shooting up from $0.02297 to $0.033.
Orbs has since retraced and is trading for $0.026 at time of writing, down nearly 9% in the past day.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney