Ethereum-Based Gaming Altcoin Experiences Rally Following Major Whale Withdrawal from Binance, Reveals On-Chain Data

A significant surge in an Ethereum (ETH)-based gaming altcoin was triggered by a crypto whale transferring a large quantity of tokens off an exchange, as revealed by on-chain data, highlighting the impact of major investors on cryptocurrency market dynamics.

Blockchain analytics firm Lookonchain reported a 20% surge in the price of ImmutableX (IMX), a layer-2 scaling solution. This increase coincided with significant activity from a crypto whale, involving the withdrawal of 4.3 million IMX tokens, valued at $9.6 million, from Binance on Monday. Lookonchain's analysis further revealed that this investor is linked to six wallets, collectively holding approximately 40.54 million IMX, worth around $90.8 million, underscoring the influence of large-scale holders on cryptocurrency market movements.

Source: Lookonchain/X

ImmutableX (IMX), currently priced at $1.98, has seen a 3.8% decline in the last 24 hours. In contrast, Lookonchain reports a significant rise in the value of SATS (Ordinals) following its listing on the prominent cryptocurrency exchange, Binance. This listing led to approximately a 120% increase in SATS price. Additionally, on-chain data reveals that the top 20 SATS holders possess 333.3 trillion SATS, equating to $150.8 million and representing 15.90% of its total supply. Notably, six out of these top 20 holders acquired their SATS through the minting process, holding around 78.57 million SATS valued at $35.5 million, highlighting the impact of exchange listings and holder distributions on cryptocurrency values.

Source: Lookonchain/X

Currently, SATS is trading at $0.000000515075, marking a substantial increase of 123.4% in the past 24 hours. In another significant development, Lookonchain reported a suspected wallet linked to HashKey transferring a large volume of Ethereum (ETH) to the Binance exchange. This transaction occurred following a sharp decline in the ETH price, resulting in a loss exceeding $2 million. The wallet in question deposited a total of 17,108 ETH, valued at approximately $38.1 million, illustrating the risks and volatility associated with cryptocurrency trading and the impact of large transactions on the market.

Source: Lookonchain/X

As of the latest update, Ethereum (ETH) is trading at a value of $2,187, reflecting a 1.4% decrease over the last 24 hours.

Dec 14, 2023

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