Whales Quietly Boosting Ethereum Altcoin That Exploded 114% This Week: On-Chain Information

An Ethereum (ETH)-based privacy-centric altcoin challenge is getting a lift from crypto whales making large under-the-radar transactions, on-chain information reveals.

In line with blockchain monitoring agency Lookonchain, crypto whales have been driving up the worth of MASK token, serving to it obtain its parabolic rallies over the previous week.

Masks Community is a challenge that enables social media customers to ship content material, messages or cryptocurrencies to 1 one other in a personal and encrypted method.

MASK, the challenge’s governance token, is up over 200% since 2023 kicked off. Lookonchain attributes the latest value improve to quite a few deep-pocketed traders.

“The value of MASK elevated by ~44% right now.

This market maker obtained 3.5 million MASK from deal with ‘0x5459’ [on March 17th].

On the identical time, a number of associated addresses withdrew MASK from exchanges one after one other.

Drive up the worth of MASK once more!”

Lookonchain beforehand reported on the whale earlier this month, noting a 27% value improve for MASK in at some point following giant withdrawals from crypto exchanges.

“The value of MASK rose from $3.27 to $4.16 right now, a rise of 27%.

We observed {that a} whale withdrew ~3.6 million MASK ($14.8M) from Binance, OKX, Kucoin and Huobi via a number of addresses.

It’s probably that this deal with is driving up the worth of MASK.”

At time of writing, MASK is buying and selling at $6.42, up over 4% within the final 24 hours.

Featured Picture: Shutterstock/GelgelNasution