The cryptocurrency market witnessed a significant movement as Space ID’s native token ID’s value escalated, crossing the $0.60 mark after a substantial transaction by a noteworthy investor who transferred a whopping 5 million ID tokens to the Binance exchange, totaling $3.1 million in value. This notable shift coincides with the altcoin’s remarkable price increase within the last 24 hours.
Significant Transaction Stirs Market
On-chain analytics from Spot On Chain uncovered that an investor, potentially at the institutional level, executed a transfer of 5 million ID tokens to Binance. This batch of tokens is part of a previous distribution via a Space ID Distributor contract. Although unverified, rumors suggest that the investor’s wallet may be related to the Amber Group, which is a known institutional investor in the Space ID initiative.
Additional intrigue arises from the transactional history of the wallet, which shows an incoming transaction from another wallet suspected to be associated with DWF Labs. The connection between this wallet and the company fuels further speculation about the seller’s identity.
Market Value Surges Following Upbit Listing News
The ID token’s market price soared by 19.82% to $0.6014, with an impressive 114.30% rise over the past week and 122.93% over the past month. Consequently, the altcoin’s market capitalization also leaped by 17.60% to $282.49 million, underscoring a buoyant trend in the cryptocurrency.
Experts attribute the surge in ID’s price partly to the announcement of its upcoming listing on the Upbit exchange, a development expected to broaden the token’s appeal and attract a more diverse group of investors.