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Insights from the on-chain tracker Spotonchain reveal that ALT worth $2.99 million was withdrawn from Binance.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.
