Why This Altcoin Has Raised 80% In Few Hours
The altcoin Space ID (ID) has seen an impressive 80% increase in a few hours, attracting traders and analysts.
The community is keeping a close eye on SpaceID's developments and thus the sustainability of the altcoin's rise.
Why the price of this Altcoin skyrocketed
The dramatic price increase coincides with South Korea's largest crypto exchange, Upbit, announcing the introduction of its Korean won trading pair. The increase in ID value highlighted DWF Labs' role in the market.
According to SpotOnChain, the company has made major transactions with ID tokens. This includes withdrawing 3.62 million IDs from OKX, worth about $1.73 million. Then, he quickly deposited 2.45 million IDs, about $1.12 million, to Binance through Amber Group. These network activities are returned from an address designated by DWF Labs.
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Moreover, according to SpotOnChain, Upbit addresses 97 million ID tokens, worth $52 million. This makes Upbit the fifth largest ID holder. Still, Upbit's ID inventory has sparked market speculation due to DWF Labs and Upbit's impact on the token's volatility.
“In the past, DWF Labs and Upbit have been associated with attack pumps and multiple tokens,” SpotOnChain said.
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The rapid appreciation in ID's value has led skeptics to speculate that it may decline. Cryptonoan, a crypto trader, has expressed interest in shorting the token altcoin, citing inflated prices following the Upbit listing announcement.
“ID has suddenly become a very rare coin with MEXC trading at -3% funding. I'll be shorting this around 0.48/0.49 after the next re-funding,” said Cryptonoan.
Disclaimer
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