While the cryptocurrency market is having a relatively calm weekend, some altcoins are experiencing major fluctuations. Naturally, those with big wallets play a role in this. A giant whale has started selling a booming token in recent days, crypto analytics platform Lookonchain reported. After this, the altcoin price suddenly saw a vertical decline.
Giant whale started selling, altcoin price fell from the peak!
cryptokoin.comAs you follow from , although the crypto market had a quiet weekend, some altcoins separated from the market. Undoubtedly, one of them was Loom Network (LOOM), which increased by 550% in a short time. However, in a recent development, the altcoin price has retreated significantly due to the intervention of a giant whale. According to crypto analytics platform Lookonchain, that whale is likely South Korea’s major cryptocurrency exchange Upbit. In this context, Lookonchain shared the following:
After LOOM price skyrocketed by nearly 60%, the suspected Upbit wallet has now transferred 36 million LOOM ($17.7 million). The wallet currently holds 617 million LOOM ($283 million), which is 47.5% of the total supply.
After the price of $LOOM skyrocketed by ~60%, the wallet suspected to be #Upbit transferred 36M $LOOM ($17.7M) out just now.
The wallet currently holds 617M $LOOM ($283M), 47.5% of the total supply.https://t.co/oergGUqAgohttps://t.co/nJRrNHPLlO pic.twitter.com/uWaMGMbxxL
— Lookonchain (@lookonchain) October 15, 2023
The altcoin price analytics platform also shared the movements of the wallet in question. Accordingly, the wallet thought to belong to the South Korean stock exchange Upbit transferred 36 million LOOM worth 17.7 million dollars. The important point here is that this whale holds nearly half of the LOOM supply. Therefore, this shows the whale’s dominance over the token price.
LOOM price rose to $0.4846 with an attack during the day. With the intervention at this point, the altcoin price suddenly fell vertically to $ 0.3723. The token, which later recovered slightly, was trading at $0.3981 at press time. Even though LOOM experienced a decline during the day, it still remains in the green zone with over 14% on a daily basis. Additionally, the token has gained over 800% on a monthly basis.
LOOM’s surprising growth and dominance on Upbit
Loom Network, a gaming operations platform, caught the attention of the crypto world with a staggering price increase of over 800% in less than a month. This extraordinary rise has placed the altcoin project squarely under the spotlight. Naturally, traders and investors are trying to understand the dynamics driving this bull run. A major contributor to this increase was LOOM/KRW spot trading on Upbit, which reported a whopping $360 million in volume. Surprisingly, this figure accounts for 53.8% of LOOM’s entire trading volume. This underlines the influential role of the South Korean stock market in this upward trend.
LOOM price has increased by 550% in the past 3 weeks. Upbit LOOM/KRW spot trading volume is $360 million, for accounting 53.8% of the entire. The trading volume of LOOM future in the past 24 hours reached $2.4 billion. Loom Network is a game operating platform.…
— Wu Blockchain (@WuBlockchain) October 13, 2023
Adding to this enthusiasm, the trading volume of LOOM futures in the last 24 hours reached a mind-boggling $2.4 billion. These figures indicate strong momentum for LOOM. In addition, it also shows that investors’ interest and confidence in the potential of the altcoin project has increased.
To be informed about the latest developments, follow us twitter‘in, Facebookin and InstagramFollow on and Telegram And YouTube Join our channel!