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.
Do not Miss a Beat – Subscribe to get crypto electronic mail alerts delivered on to your inbox
Test Price Action
Comply with us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 

Disclaimer: Opinions expressed at The Each day Hodl usually are not funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your individual danger, and any loses chances are you’ll incur are your accountability. The Each day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital property, neither is The Each day Hodl an funding advisor. Please word that The Each day Hodl participates in online marketing.
Generated Picture: Midjourney