A single crypto whale likely drove up the price of an Ethereum (ETH)-based altcoin on Monday, according to blockchain monitoring platform Lookonchain.
The Mask Network (MASK), a project that aims to bring Web3 features to social media platforms like Twitter and Facebook, shot up from trading around $3.26 at the start of the day on Monday to as high as $4. .21, a price increase of more than 29%. .
The 153rd-ranked crypto asset by market capitalization has since partially retraced and is trading at $3.74 as of this writing.
lookonchain reports that a whale withdrew about 3.6 million MASK worth about $14.8 million from cryptocurrency exchanges Binance, OKX, KuCoin, Huobi on Monday.
“It is likely that this direction is driving up the price of MASK. We analyze the historical transfer in and out of address ‘0xEf7C’. And he found that in many cases, transferring in will lead to an increase in the MASK price, and transferring out will cause the MASK price to go down.”
lookonchain too grades that the whale address withdrew 0.5 ETH as a gas fee from the South Korean crypto exchange Upbit. Upbit announced this week that it would implement trading support for MASK, and Lookonchain speculates that the whale could transfer its MASK to Upbit to sell.
MASK is up almost 79% since the beginning of 2023, although it is still more than 90% below its all-time high of $41.45, which it reached in February 2021.
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