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Sunday, July 21, 2024

This Cryptocurrency Soares 30% Amid Increased Whale Activity

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  • Loom Network (LOOM) saw a 30% price surge, reaching a 5-year high of $0.28, possibly influenced by an Upbit investor purchasing over 21M LOOM worth around $6 million.
  • This investor now holds 653 million LOOM assets, equating to 50% of the total circulating supply.
  • Major cryptocurrencies like Bitcoin, Ether, and others are on a decline, with global market capitalization dropping below $1.1 trillion.

The cryptocurrency market seems to be in a bearish mode, but a few tokens are still well in the green. One such example is Loom Network (LOOM).

The asset has charted a substantial 30% gain today (October 13), reaching a 5-year high of approximately $0.28. In the following hours, it slightly retraced to $0.27 (where it trades as of the moment of writing these lines).

The price increase coincided with the action of a certain Upbit investor who purchased over 21M LOOM, equaling almost $6 million.

The whale currently owns 653 million assets ($181 million), representing an astonishing 50% of the total circulating supply.

Contrary to LOOM, the leading cryptocurrencies – Bitcoin (BTC), Ether (ETH), Binance Coin (BNB), Ripple (XRP), and many more continue bleeding, while the global market capitalization plunged below $1.1 trillion (per CoinGecko’s data).

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