Today, a huge investor, often referred to as a whale, gathered an immense amount of ALT, the native token of Altlayer. This happened during a remarkable surge in the token’s price, indicating a significant increase.
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In an interesting twist, a large investor’s address, unrelated to a centralized exchange or a project team, withdrew massive amounts of ALT from Binance, a top cryptocurrency exchange. This action has stirred speculation among crypto enthusiasts. Remarkably, this transaction occurred during a significant 10% surge in the price of Altlayer’s native token, ALT, prompting further discussions among traders and investors in the crypto market.

Whale Accumulates ALT from Binance Amidst Market Optimism
Insights from the on-chain tracker Spotonchain reveal that ALT worth $2.99 million was withdrawn from Binance. Additionally, derivatives data for the coin indicates an uptrend across the broader crypto market, boosting market optimism for ALT.
Spotonchain data identifies the whale address 0xd4a as belonging to rochee.eth, a non-CEX and non-team-holding address accumulating ALT. With a substantial accumulation of 5.5 million ALT, valued at $2.99 million, this whale address now ranks as the second-largest holder of ALT.
Interestingly, data reveals that this whale has been active for over eight months prior to the recent withdrawal. The potential impact of such accumulation on bolstering prices looms over the crypto horizon, as decreased circulating supply often leads to further market pumps.
Furthermore, the announcement of Altlayer’s strategic partnership with OKX on February 22nd adds to the narrative. Additionally, Altlayer’s recent collaboration with EigenLayer, along with a $100 million investment from a16z (Andreessen Horowitz), seems to correlate with the observed price surge.

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Altlayer Experiences Bullish Surge Amid Market Uptrend
Altlayer’s price has surged significantly by 6.93% over the past 24 hours, reaching $0.5479. Notably, the token reached as high as $0.5826 during this period, riding on the wave of bullish sentiment prevailing in the broader crypto market.
Also Read:   Today's Cryptocurrency Prices: Bitcoin- Ethereum- Dogecoin- Tether
Derivatives data provided by Coinglass indicates a notable 19.98% increase in the token’s open interest, with volume experiencing a slight uptick of 0.21%. These figures further suggest an upward trend in the market, aligning with the observed price surge.

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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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AltLayer raised $14.4 million to grow its rollup infrastructure. Polychain Capital and Hack VC led the funding round, joined by OKX Ventures, HashKey, and others.
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OKX Ventures, HashKey Capital, Bankless Ventures, Primitive Ventures, SevenX, Mask Network, IOSG, and TRGC were also part of the funding round, which concluded in September 2023, as per a statement released today. Previously, in 2022, AltLayer had secured $7.2 million in a seed funding round.

Expansion Plans and Funding Utilization
AltLayer plans to utilize the newly raised capital to expand its team and enhance its rollup infrastructure, as stated in the announcement. However, the company did not disclose the valuation associated with the funding round.
Following the launch of its native token last month, AltLayer initiated an airdrop program, rewarding users who staked on Celestia and EigenLayer, as well as holders of AltLayer’s NFTs and participants in its community campaigns. The first airdrop consisted of 300 million ALT tokens, equivalent to $141 million, which represents 3% of the total token supply. Notably, 83% of the tokens were claimed by participants.
AltLayer: Revolutionizing Rollups and Layer 2 Solutions
AltLayer, a decentralized protocol, helps developers create rollups using different software stacks like OP Stack, Arbitrum, and Polygon CDK. This makes blockchain development easier and more scalable.
They’re planning to introduce “restaked rollups,” which are Layer 2 projects using EigenLayer’s restaking to boost network security. This will make Layer 2 solutions even better.
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Luke Pearson from Polychain Capital is excited about AltLayer’s innovative work and has invested in it. Other investors are also supporting AltLayer’s efforts to scale blockchain solutions.

ALT token holders have a say in AltLayer’s decisions, and they’re used to pay fees within the network. This makes ALT tokens more valuable.
Right now, ALT tokens are trading at $0.47, with a total value of $4.7 billion. AltLayer previously got $7.2 million in funding, with help from investors like Polychain Capital, Jump Crypto, and Breyer Capital.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#Altlayer #Polychain #Bitcoin #Altcoin #Cryptocurrency