A crypto company’s recent coin transactions attracted attention. According to on-chain data, Jump Trading is sending Mask Network’s MASK token to the largest cryptocurrency exchange Binance. Moreover, this transaction is worth millions of dollars. Here are the details…
Jump Trading executes massive crypto transaction
According to the latest on-chain data shared by PeckShieldAlert, Jump Trading has moved 2 million MASK to Binance. The value of the currently carried MASK is $ 9.54 million. Jump Trading received 1 million of the coins he sent to Binance from his own account. He got another 1 million from the wallet with the name starting with 0x4169d. The 0x4169d wallet looks like it got MASK directly from Mask Network. At the time of writing, Jump Trading’s Binance Deposit account had $1,652,698.14 worth of tokens. The last movement of MASK took place on February 2, 2023 at 07:00.
MASK price seems to be affected by this MASK trade. According to CoinMarketCap data, MASK increased by 15% in the last 24 hours from $4.84 to $5.09. However, it is changing hands at $4.94 at the time of writing. A closer look at the MASK price reveals that the increase in price is related to the movement of 2 million MASKs. The market value of MASK also increased by 15.54 percent during the transfer, reaching $329,942,781.
Why is the company selling?
cryptocoin.com As we have also reported, Jump Trading is a US-based trading firm that is heavily involved in the Terra-LUNA event. The firm recently moved a certain amount of Lido DAO (LDO) to Binance, which caused the LDO price to drop by 20 percent. The transfers also raised the question of why Jump Trading sold LDO.
The purpose of Jump Trading is unclear why they moved 2 million MASK to Binance. Still, this move can be seen as another important example of how the actions of major players can affect the market and price of certain tokens. On-chain data is very useful for investors and traders to keep an eye on these movements.
Mask Network is a protocol that allows its users to send encrypted messages via Twitter and Facebook. It basically acts as a bridge between the internet and a decentralized network running on top. Mask Network was launched in July 2019 with an initial use case allowing Facebook and Twitter users to encrypt posts on social media platforms. It then raised $2 million in a joint-led funding round by HashKey and Hash Global in November 2020, and another $3 million in February 2021 with participation from Digital Currency Group and Fundamental Labs.
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