An Ethereum (ETH)-based privacy-centric altcoin undertaking is getting a lift from crypto whales making huge under-the-radar transactions, on-chain information reveals.
In response to blockchain monitoring agency Lookonchain, crypto whales have been driving up the value of MASK token, serving to it obtain its parabolic rallies over the previous week.
Masks Community is a undertaking that enables social media customers to ship content material, messages or cryptocurrencies to at least one one other in a personal and encrypted method.
MASK, the undertaking’s governance token, is up over 200% since 2023 kicked off. Lookonchain attributes the latest value enhance to quite a lot of deep-pocketed traders.
“The worth of MASK elevated by ~44% at present.
This market maker obtained 3.5 million MASK from tackle ‘0x5459’ [on March 17th].
On the identical time, a number of associated addresses withdrew MASK from exchanges one after one other.
Drive up the value of MASK once more!”
Lookonchain beforehand reported on the whale earlier this month, noting a 27% value enhance for MASK in at some point following massive withdrawals from crypto exchanges.
“The worth of MASK rose from $3.27 to $4.16 at present, a rise of 27%.
We observed {that a} whale withdrew ~3.6 million MASK ($14.8M) from Binance, OKX, Kucoin and Huobi by way of a number of addresses.
It’s possible that this tackle is driving up the value of MASK.”
At time of writing, MASK is buying and selling at $6.42, up over 4% within the final 24 hours.
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