A single crypto whale possible drove up the value of an Ethereum (ETH)-based altcoin on Monday, in keeping with the blockchain-tracking platform Lookonchain.
Masks Community (MASK), a challenge that goals to convey Web3 options to social media platforms like Twitter and Fb, shot up from buying and selling round $3.26 initially 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 value roughly $14.8 million from the crypto exchanges Binance, OKX, KuCoin, Huobi on Monday.
“It’s possible that this deal with is driving up the value of MASK. We analyzed the historic transfer-in and transfer-out of the deal with ‘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 value of MASK to drop.”
Lookonchain additionally notes that the whale deal with withdrew 0.5 ETH as a gasoline charge from the South Korean crypto change Upbit. Upbit announced this week that it could roll out buying and selling help for MASK, and Lookonchain speculates that the whale may switch its MASK to Upbit to promote.
MASK is up almost 79% for the reason that 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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