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.”
Source: Lookonchain/XAccording 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.”
Source: Lookonchain/XThe 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.
