An altcoin from the Ethereum (ETH) ecosystem has exploded as one of its biggest holders appears to enter accumulation mode, according to on-chain data.
Blockchain tracking firm Lookonchain says that Loom Network (LOOM) rose over 31% in less than a day just as one large whale, potentially Korean crypto exchange Upbit, accumulated nearly $6 million worth of coins.
Lookonchain also says the entity controls about half of LOOM’s total supply.
“The price of LOOM skyrocketed by ~30% today.
The wallet suspected of Upbit accumulated 21.42 million LOOM ($5.83 million)…
And the wallet currently holds 653 million LOOM ($181 million), 50% of the total supply.”
After the whale accumulated its tokens, Lookonchain says that LOOM continued to surge. The entity in question subsequently moved a portion of its coins out of its wallet but still holds over a quarter billion dollars worth of the altcoin.
“After the price of LOOM skyrocketed by ~60%, the wallet suspected to be Upbit transferred 36 million LOOM ($17.7 million) out…
The wallet currently holds 617 million LOOM ($283 million), 47.5% of the total supply.”
At time of writing, LOOM is trading for $0.384, up 140% performance in the last seven days.
Lookonchain also spotted an address associated with the 1inch Investment Fund scooping up Ethereum as ETH reached lower prices last week.
“The 1inch Team Investment Fund spent 2.5 million USDC to buy 1,609 stETH (staked ether) at $1,551…
The Fund also bought a total of 9,164 ETH ($15.07 million) at an average price of $1,645 on Aug 28 and Sept 5.”
ETH is trading at $1,589 at time of writing.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Credit: Source link
