The altcoin Space ID (ID) has seen an astonishing 80% increase in value in just a few hours, captivating traders and analysts alike.
The community is closely watching Space ID developments with questions about the sustainability of this altcoin wave.
Because the price of this Altcoin has skyrocketed
The notable price increase coincides with the announcement by South Korea’s largest cryptocurrency exchange, Upbit, of the introduction of the ID Korean Won trading pair. The surge in ID’s value also highlighted DWF Labs’ role in the market.
According to SpotOnChain, the company has conducted major transactions with ID tokens. This includes the withdrawal of 3.62 million IDs, worth approximately $1.73 million, from OKX. Then, he quickly deposited 2.45 million IDs, approximately $1.12 million, to Binance via Amber Group. These network activities were traced to an address labeled DWF Labs.
Read more: 13 Best Altcoins to Invest in February 2024
Price Space ID (ID). Source: BeInCrypto
Additionally, SpotOnChain reported that Upbit’s address contains 97 million ID tokens, worth $52 million. This makes Upbit the fifth largest ID holder. However, Upbit’s ID accumulation sparks market speculation due to DWF Labs and Upbit’s past impact on token volatility.
“In the past, DWF Labs and Upbit were linked to aggressive pumps and dumps of several tokens,” SpotOnChain said.
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ID’s rapid price appreciation has also led skeptics to anticipate a potential downturn. CryptoNoan, a pseudonymous cryptocurrency trader, expressed intent to short the altcoin ID, citing its overvaluation following the announcement of the listing on Upbit.
“The ID card suddenly became the rarest currency, trading at -3% financing on MEXC. I will short it around 0.48/0.49 after the next funding restoration,” CryptoNoan noted.
Disclaimer
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