A single crypto whale doubtless drove up the worth of an Ethereum (ETH)-based altcoin on Monday, in accordance with the blockchain-tracking platform Lookonchain.
Masks Community (MASK), a mission that goals to carry Web3 options to social media platforms like Twitter and Fb, shot up from buying and selling round $3.26 in the beginning of the day on Monday to a excessive of $4.21, a greater than 29% value improve.
The 153rd-ranked crypto asset by market cap has since partially retraced and is buying and selling at $3.74 at time of writing.
Lookonchain reports {that a} whale withdrew about 3.6 million MASK price roughly $14.8 million from the crypto exchanges Binance, OKX, KuCoin, Huobi on Monday.
“It’s doubtless that this deal with is driving up the worth of MASK. We analyzed the historic transfer-in and transfer-out of the deal with ‘0xEf7C.’ And located that in lots of instances, transfer-in will result in a rise within the value of MASK, and transfer-out will trigger the worth of MASK to drop.”
Lookonchain additionally notes that the whale deal with withdrew 0.5 ETH as a fuel price from the South Korean crypto change Upbit. Upbit introduced this week that it could roll out buying and selling help for MASK, and Lookonchain speculates that the whale would possibly switch its MASK to Upbit to promote.
MASK is up practically 79% because the begin of 2023, although it stays greater than 90% down from its all-time excessive of $41.45, which it hit in February 2021.
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