Ethereum-Based Altcoin Skyrockets by 31% in 24 Hours as Crypto Whales Accumulate: Lookonchain Reports

Amid on-chain data, an Ethereum (ETH) ecosystem altcoin experiences a dramatic surge as a prominent holder enters apparent accumulation mode.

According to blockchain tracking firm Lookonchain, Loom Network (LOOM) experienced a remarkable surge of over 31% in less than 24 hours, coinciding with significant accumulation by a substantial whale, which is suspected to be associated with the Korean cryptocurrency exchange Upbit. This entity accumulated nearly $6 million worth of LOOM tokens.

Lookonchain's data also reveals that this entity now controls approximately half of LOOM's total supply. The report stated, "The price of LOOM skyrocketed by ~30% today. The wallet suspected to be Upbit accumulated 21.42 million LOOM ($5.83 million)… And the wallet currently holds 653 million LOOM ($181 million), which accounts for 50% of the total supply."

Following this whale's accumulation of LOOM tokens, the cryptocurrency's price continued to surge. The entity then made a transfer of a portion of its holdings from its wallet, although it still retains over a quarter billion dollars worth of LOOM. The report continued, "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), which accounts for 47.5% of the total supply."

As of the time of this report, LOOM is trading at $0.384, reflecting an impressive 140% increase in performance over the past seven days.

In addition to the LOOM analysis, Lookonchain also identified an address linked to the 1inch Investment Fund, which was actively accumulating Ethereum (ETH) during a period of lower prices last week. The report stated, "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.

Oct 16, 2023