Altcoin Space ID (ID) has surged 80% in value in a matter of hours, captivating traders and analysts alike.
The community is closely watching Space ID developments with questions about the sustainability of this altcoin surge.
Why the price of this altcoin soared
The notable price rise coincides with Upbit, Korea’s largest cryptocurrency exchange, announcing the introduction of ID’s won trading pair. ID’s surge in value also highlighted DWF Labs’ role in the market.
According to SpotOnChain, the company has conducted major transactions with ID tokens. This includes withdrawing 3.62 million IDs worth approximately $1.73 million from OKX. They then quickly deposited 2.45 million IDs, worth approximately $1.12 million, to Binance through Amber Group. This network activity has been traced to addresses labeled DWF Labs.
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SpotOnChain also reported that 97 million ID tokens worth $52 million were stored at Upbit’s address. With this, Upbit became the 5th ID holder. However, Upbit’s ID accumulation is sparking market speculation due to its impact on DWF Labs and Upbit’s past token volatility.
“In the past, DWF Labs and Upbit have been involved in aggressive pumps and dumps of multiple tokens,” SpotOnChain said.
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The rapid rise in ID prices has skeptics predicting a potential recession. CryptoNoan, a pseudonymous cryptocurrency trader, announced his intention to sell ID altcoin due to the overvaluation of altcoin after the announcement of Upbit listing.
“ID suddenly became the rarest coin trading on MEXC at -3% funds. We plan to sell at around 0.48/0.49 after the next funding reset.” CryptoNoan Advert.
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