A recent substantial withdrawal of ALT tokens from Binance, a leading cryptocurrency exchange, by a whale address unaffiliated with a centralized exchange (CEX) or team, has sparked intrigue within the crypto investor community.

This significant transaction occurred amidst a remarkable surge of nearly 10% witnessed in Altlayer’s native token, ALT, adding to the curiosity among investors and traders in the cryptocurrency market. 

ALT has demonstrated impressive performance, with gains exceeding 42% over the week and a staggering 95% increase in the past 30 days.

According to insights from spotonchain, Whale 0xd4a, identified as rochee.eth, withdrew 5.5 million ALT tokens valued at $2.99 million from Binance at a price of $0.544 just a few hours ago. 

The $ALT price increased by over 10% today!

Whale 0xd4a (rochee.eth) withdrew 5.5M $ALT ($2.99M) from #Binance at $0.544 ~3hrs ago, becoming the 2nd largest non-CEX/team-holding address of $ALT.

Notably, the whale had been inactive for over 8 months before this withdrawal.

Did… pic.twitter.com/szctKo8sW9

— Spot On Chain (@spotonchain) February 23, 2024

Notably, this withdrawal marks the first instance of the whale accumulating ALT tokens after remaining dormant for nearly nine months. As a result, the whale’s address now ranks as the second-largest non-CEX/team-holding address of ALT tokens.

ALT Token Spikes To New All Time High Within 24 Hours

In response to this whale activity, ALT tokens surged to a new all-time high (ATH) of $0.5825 within the past 24 hours, following the notable accumulation by the whale address.

The sudden surge in ALT’s price, coupled with the significant withdrawal by the whale address, has prompted investors and analysts to closely monitor the developments surrounding ALT token. 

Speculations and discussions abound regarding the implications of the whale’s actions and the potential impact on ALT’s future price movements.

As the cryptocurrency market continues to evolve, such occurrences highlight the dynamic nature of investor behavior and the intricate dynamics influencing token prices. 

The ALT token’s recent surge and the accompanying whale activity underscore the ongoing interest and engagement within the crypto community as participants navigate the evolving landscape of digital assets.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Filed under: Bitcoin - @ February 23, 2024 10:26 pm