South Korea’s giant Upbit witnessed a development that shook the cryptocurrency market. Trading volumes of several altcoins, including PYTH coin, have exploded in the last 24 hours. While this sudden rise stunned investors, it also sparked speculation about the entry of whales into the market.
Volume record in PYTH coin and others
In the last 24 hours, the cryptocurrency market has been shaken by the extraordinary volume increase in some altcoins. There was an explosion in the transaction volumes of altcoins such as Pyth Network (PYTH), 0x Protocol (ZRX), QuarkChain (QKC), Golem (GLM) and Aergo (AERGO) traded on the Upbit exchange. While this sudden rise stunned investors, it also sparked speculation about the entry of whales into the market.
- Pyth Network (PYTH): On the 4-hour chart on Upbit, trading volume increased by 143.89%, jumping from $19 million to $47 million. A 28.67% increase in volume was also observed on Binance.
- 0x Protocol (ZRX): The volume exploded on the 1-hour chart on Upbit. Average 50 volume increased 202.96% from $13 million to $40 million. On Binance, volume remained relatively stable.
- QuarkChain (QKC): There was a staggering 271.36% increase in 4-hour trading volume. Average 50 volume on Upbit jumped from $284 million to $1 billion. Volume also increased by 17.62% on Binance.
- Golem (GLM): There was a massive increase of 339.75% in 1-hour trading volume. Average 50 volume on Upbit increased from $2 million to $9 million. Volume on Binance also increased by 26.81%.
- Aergo (AERGO): A 50.35% increase in 4-hour trading volume was observed. Average 50 volume on Upbit increased from $20 million to $30 million. Volume on Binance also increased by 20%.
Are the whales taking action?
This extraordinary volume increase has led to speculation that whales (large investors) have taken action in the cryptocurrency market. The fact that whales start investing in these altcoins may also cause an increase in their prices. However, it is difficult to say for sure whether the increase here is due to whales. Investors are advised to conduct detailed research and consider the risks before investing in these altcoins.
Some state that there may be different reasons for this sudden increase in volume. Some experts argue that the entry of whales into the market may be behind this increase. However, some suggest that increased investor interest and the feeling of FOMO (Fear of Missing Out) may be a trigger.
Time will tell the answers to these questions. However cryptokoin.com As we always say, you need to monitor the market before investing in these altcoins. It is recommended that investors examine the past performances of these altcoins in detail. It is also important for them to consider the risks.
To be informed about the latest developments, follow us Twitter’in, Facebookin and InstagramFollow on . Telegram And YouTube Join our channel.