Whales Quietly Boosting Ethereum Altcoin That Exploded 114% This Week: On-Chain Data
An Ethereum (ETH)-based privacy-centric altcoin project is getting a boost from crypto whales making massive under-the-radar transactions, on-chain data shows.
According to blockchain tracking firm Lookonchain, crypto whales have been driving up the price of MASK token, helping it achieve its parabolic rallies over the past week.
Mask Network is a project that allows social media users to send content, messages or cryptocurrencies to one another in a private and encrypted manner.
MASK, the project’s governance token, is up over 200% since 2023 kicked off. Lookonchain attributes the recent price increase to a number of deep-pocketed investors.
“The price of MASK increased by ~44% today.
This market maker received 3.5 million MASK from address ‘0x5459’ [on March 17th].
At the same time, multiple related addresses withdrew MASK from exchanges one after another.
Drive up the price of MASK again!”
Lookonchain previously reported on the whale earlier this month, noting a 27% price increase for MASK in one day following large withdrawals from crypto exchanges.
“The price of MASK rose from $3.27 to $4.16 today, an increase of 27%.
We noticed that a whale withdrew ~3.6 million MASK ($14.8M) from Binance, OKX, Kucoin and Huobi through multiple addresses.
It is likely that this address is driving up the price of MASK.”
At time of writing, MASK is trading at $6.42, up over 4% in the last 24 hours.
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This article was originally reported on The Daily Hodl.