One altcoin project grew dramatically in a 24-hour period when a crypto whale collected a huge amount of tokens, according to on-chain data.
Blockchain tracking company Lookonchain say that the native token of automated market maker (AMM) Bancor Network (BNT) took a big leap upward one day when a single wallet acquired millions of BNT.
The company says the wallet is believed to be owned by Upbit, a South Korean cryptocurrency exchange.
“The price of BNT has increased by almost 40% today. A wallet suspected to be Upbit has collected 4.71 million BNT ($2.54 million, 3.3% of total supply) in the last 11 hours, which appears to be related to the increase in the BNT price .”
According to the company’s chart, BNT traded at $0.399 before rising to around $0.55. The altcoin peaked at around $0.625 yesterday before a sell-off.
At the time of writing, BNT is trading at $0.52, down over 17% in the past 24 hours.
The company too noticed that blockchain infrastructure provider Orbs (ORBS) rose more than 40% in one day, as crypto players skyrocketed the coin’s trading volume.
“The price of ORBS is up 43% today. 93.8% of the trading volume came from the Korean exchange Upbit and 4.8% from the Korean exchange Bithumb.
(Investment firm) DWF Labs poured 24 million ORBS ($792,000) into Bithumb after the price increase.”
The company’s daily chart shows Orbs shooting up from $0.02297 to $0.033.
Orbs has since retreated and is trading at $0.026 at the time of writing, down almost 9% in the past day.
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Generated image: Midjourney