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

A single crypto whale probably drove up the worth of an Ethereum (ETH)-based altcoin on Monday, in keeping with the blockchain-tracking platform Lookonchain.

Masks Community (MASK), a venture that goals to carry Web3 options to social media platforms like Twitter and Fb, shot up from buying and selling round $3.26 at first of the day on Monday to a excessive of $4.21, a greater than 29% value improve.

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

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

“It’s probably that this handle is driving up the worth of MASK. We analyzed the historic transfer-in and transfer-out of the handle ‘0xEf7C.’ And located that in lots of instances, transfer-in will result in a rise within the value of MASK, and transfer-out will trigger the worth of MASK to drop.”

Lookonchain additionally notes that the whale handle withdrew 0.5 ETH as a fuel price from the South Korean crypto alternate Upbit. Upbit announced this week that it could roll out buying and selling assist for MASK, and Lookonchain speculates that the whale would possibly switch its MASK to Upbit to promote.

MASK is up practically 79% because the begin of 2023, although it stays greater than 90% down from its all-time excessive of $41.45, which it hit in February 2021.

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