One of the big whales, the creator of fluctuations in the crypto world, made a name for himself by exploding the price of the cryptocurrency called Loom Network (LOOM). A whale thought to be Korea’s most prominent crypto exchange Upbit, this huge investor purchased 21 million LOOMs for over $6 million, after which LOOM’s value increased by over 30%.
Blockchain tracking firm Lookonchain also reported that this prominent investor controls a large portion of LOOM’s total supply. did. So, the whale in question holds nearly half of LOOM’s total supply. This indicates a situation that could greatly affect the balance of the market.
“LOOM’s price skyrocketed by nearly 30% today. 21.42 million LOOM ($5.83 million) was accumulated in the suspected Upbit wallet… The wallet currently contains 653 million LOOM ($181 million), which is 50% of the total supply.”
LOOM had risen to $0.2863 on that date, October 13. The altcoin did not remain at this level and later rose as high as $0.4846. This is the highest level LOOM has recorded since 2018. As a result, after accumulating giant whale tokens, the altcoin price continued to increase.
In addition, Lookonchain released a new report regarding the whale in question yesterday. update shared. The whale, thought to be Upbit, disposed of some LOOM. While it still holds a significant amount of LOOM, this move appears to have eased its impact on the market. However, it has LOOM in its portfolio worth approximately a quarter of a billion dollars.
“After the price of LOOM skyrocketed by nearly 60%, the suspected Upbit wallet transferred out 36 million LOOM ($17.7 million)… The wallet currently holds 617 million LOOM ($283 million), which is 47.5% of the total supply ) is located.”
At press time, the altcoin is trading at $0.3736, up 122% on its performance over the past seven days.
Lookonchain also uncovered an address associated with the 1inch Mutual Fund, which scooped up Ethereum as ETH hit lower prices last week.
“1inch Team Investment Fund spent 2.5 million USDC to purchase 1,609 stETH (staking ETH) at $1,551… The fund also purchased a total of 9,164 ETH ($15.07 million) on August 28 and September 5 at an average price of $1,645.”
You can follow the current price movement here.