Unusual trading volumes for several altcoins have been detected on South Korea’s largest cryptocurrency exchange Upbit.
Solar (SXP), Jupiter (JUP), Beam (BEAM), Loom Network (LOOM), and Mina (MINA) tokens saw significant increases in trading volume, especially when compared to the 50-period moving average. Here is a breakdown of the unusual activity:
Solar (SXP)
On Upbit, Solar (SXP) saw a 150.84% increase in 1-hour trading volume, with recent trading levels rising to $101,000, compared to its 50-period average of $40,000. In contrast, Binance saw a 19.55% decrease in trading volume, falling from an average of $99,000 to $80,000 in the same period.
Jupiter (JUP)
The most striking increase was seen in Jupiter (JUP), which saw its 1-hour volume on Upbit jump by 242.62%. Trading volume rose from an average of $47,000 to $162,000. On Binance, the change was more modest, rising by 5.76% from $403,000 to $426,000.
Beam (BEAM)
Beam (BEAM) also saw a significant jump on Upbit, with its 4-hour volume increasing by 242.54%. The most recent recorded volume reached $122 million, well above the 50-period average of $35 million. Binance, on the other hand, saw a 39.80% drop in 4-hour trading volume for BEAM, falling from $6 million to $4 million.
Loom Network (LOOM)
Loom Network (LOOM) saw a significant increase in trading activity on Upbit, where its 1-hour volume increased by 322.13% to $4 million compared to its average of around $1 million. Binance saw a more modest increase of 30.31%, with volumes rising from $674,000 to $878,000.
Mina (MINA)
Mina (MINA) also experienced unusual trading volume, with 1-hour volume on Upbit increasing by 157.37%, jumping from an average of $66,000 to $170,000. On Binance, MINA’s trading volume dropped by 53.75%, from $187,000 to $86,000, and a sharp decline in trading activity was seen.
*This is not investment advice.