Altlayer: Whale Accumulates 5.5 Mln ALT From Binance As Price Soars Nearly 10%

In an intriguing turn of events, a whale address that does not belong to a CEX or a team recently withdrew colossal amounts of ALT from one of the world‘s leading crypto exchanges, Binance, sparking speculations among crypto market enthusiasts. Intriguingly, this transaction emerged amid a phenomenal surge of nearly 10% noted by Altlayer’s native token, ALT, birthing additional inferences among crypto market traders and investors.

As per insights unveiled by the on-chain tracker Spotonchain, ALT worth $2.99 million was withdrawn from Binance. Furthermore, the derivatives data for the coin showcased an uptrend within the broader crypto market, propelling market optimism for ALT.

rochee.eth Accumulates ALT Amid Strategic Partnerships.

According to the data revealed by Spotonchain, the whale address 0xd4a belonged to rochee.eth, a non-CEX and non-team-holding address accumulating ALT. With a staggering 5.5 million ALT accumulation, worth $2.99 million, the whale address now becomes the 2nd largest such holder of ALT.

Intriguingly, data also spotlighted that this whale had been active for over eight months prior to the abovementioned withdrawal. Meanwhile, the potential impact of this accumulation towards bolstered prices remains hovering over the crypto horizon. As the circulating supply of ALT decreases with such significant accumulations, market sentiments for further pumps persist.

Additionally, with the announcement of Altlayer‘s strategic partnership with OKX surfacing yesterday, February 22, inferences over the recently witnessed pump birth. Concerning Altlayer’s recent collaboration with EigenLayer, on the other hand, a staggering $100 million raised from a16z (Andreessen Horowitz) appears to align with the price pump.

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Altlayer Price Rallies

As of writing, the Altlayer price noted a significant uptick of 6.93% over the past 24 hours and is currently trading at $0.5479. Notably, the token traded as high as $0.5826 in the past 24 hours, riding a wave of bullishness across the broader crypto market.

The derivatives data offered by Coinglass revealed a 19.98% surge in the tokens open interest, whereas volume noted a marginal jump of 0.21%. This further hinted at an uptrend in the market, coinciding with the pump witnessed.