The altcoin Space ID (ID) witnessed an astonishing 80% surge in worth inside a few hours, charming merchants and analysts alike.
The group is watching Space ID developments intently with questions in regards to the sustainability of this altcoin’s surge.
Why This Altcoin’s Price Skyrocketed
The outstanding uptick in worth coincides with South Korea’s largest crypto exchange, Upbit, saying the introduction of the ID’s Korean received buying and selling pair. ID’s worth spike additionally highlighted DWF Labs’ role in the market.
According to SpotOnChain, the agency carried out main transactions with ID tokens. This contains withdrawing 3.62 million ID, value round $1.73 million, from OKX. Then, it shortly deposited 2.45 million ID, round $1.12 million, to Binance through Amber Group. These community actions had been traced again to an address labeled DWF Labs.
Read extra: 13 Best Altcoins To Invest In February 2024
Moreover, SpotOnChain reported that Upbit’s handle holds 97 million ID tokens, valued at $52 million. This makes Upbit the fifth-largest ID holder. Still, Upbit’s ID accumulation sparks market hypothesis resulting from DWF Labs and Upbit’s past impact on token volatility.
“In the past, DWF Labs and Upbit were related to the aggressive pumps and dumps of several tokens,” SpotOnChain said.
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The fast appreciation in ID’s worth has additionally led to skeptics anticipating a potential downturn. CryptoNoan, a pseudonymous crypto dealer, expressed intentions to quick the ID altcoin, citing its overvaluation after the Upbit itemizing announcement.
“ID suddenly became the rarest coin, trading with -3% funding on MEXC. I will short this around 0.48/0.49 after the next funding reset,” CryptoNoan remarked.
Disclaimer
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