While some altcoins differentiate themselves positively from the market with their rise, there may be various reasons behind these rises.
While stock market listings generally play a major role in these increases, purchases made in large quantities can have a positive impact on the price.
At this point, LOOM, which is listed on Binance, attracted attention with its increase of more than 30% in the last 24 hours.
In his post on his Twitter account, Lookonchain stated that a wallet received 21.42 million LOOM (worth $5.83 million) today.
While Lookonchain stated that this wallet is suspected to belong to the Upbit exchange, it said that this wallet has 653 million LOOM, which corresponds to 50% of the total supply.
“LOOM price skyrocketed by nearly 30% today.
A wallet suspected to belong to the Upbit exchange received 21.42 million LOOM ($5.83 million) today.
“There is currently 653 million LOOM ($181 million) in the wallet, which is 50% of the total supply.”
LOOM, which rose to $0.294 with its rise, is traded at $0.272 at the time of writing.
*This is not investment advice.