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 firm also noticed that blockchain infrastructure provider Orbs (ORBS) rallied more than 40% in one day as crypto players sent the coin’s trading volume soaring.
“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.
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Generated Image: Midjourney
