Ethereum-Linked Altcoin Surges 40% in a Day; Crypto Whale Buys Heavily, On-Chain Data Shows

An altcoin experienced a significant surge within a day, with on-chain data indicating a crypto whale's substantial acquisition of its tokens.

Blockchain analytics company Lookonchain reports that Bancor Network's native token, BNT, saw a significant price surge within a day, driven by a single wallet's acquisition of millions of BNT tokens. The company speculates that this wallet is associated with Upbit, a prominent cryptocurrency exchange based in South Korea.

Lookonchain stated, "BNT's price has risen by approximately 40% today. A wallet, believed to be linked to Upbit, has amassed 4.71 million BNT (equivalent to $2.54 million or 3.3% of the total supply) in just 11 hours. This accumulation likely influenced the spike in BNT's value."

Lookonchain's data reveals that BNT experienced a price surge, initially trading at $0.399 and later rallying to approximately $0.55. The altcoin's value reached a peak of about $0.625 yesterday but faced a subsequent sell-off.

Currently, BNT is priced at $0.52, marking a decline of over 17% in the past day.

In another observation, the firm highlighted the significant rally of blockchain service provider Orbs (ORBS). The coin's price jumped by over 40% within a day, driven by a surge in trading volume. Lookonchain stated, "Today, ORBS witnessed a 43% price increase. A significant portion of the trading volume, 93.8%, was attributed to the Korean exchange Upbit, while 4.8% was from another Korean platform, Bithumb."

Post the price surge, investment company DWF Labs transferred 24 million ORBS (equivalent to $792,000) to Bithumb.

Lookonchain's daily chart indicates a notable rise in Orbs' price, climbing from $0.02297 to $0.033. However, Orbs has experienced a pullback and is currently priced at $0.026, reflecting a decrease of almost 9% within the last 24 hours.

Oct 10, 2023