Trader Moves 5 Mln ID To Binance As Price Soars 17%

In a thrilling turn of events, ID, the native token of the Space ID platform, echoed a torrent of speculative buzz across the global crypto horizon on Friday as the token’s price surged phenomenally over the past 24 hours. Amid the token’s phenomenal surge, a trader appears to have offloaded 5 million ID, worth $3.1 million, to Binance, a prominent cryptocurrency exchange.

Meanwhile, the token’s recent listing on UpBit, a South Korean crypto exchange, appears to be fueling the ID price upswing. Following this, the trader’s colossal dump to Binance birthed additional inferences for the token, garnering noteworthy interest among crypto market enthusiasts.

A Closer Look Into The Report

According to the data revealed by SpotOnChain, the wallet 0z1c7b48 shifted 5 million ID, worth $3.1 million, to Binance today, February 9. The tokens shifted to Binance were distributed via a Space ID Distributor contract sixteen days ago.

Intriguingly, the trader seems to be an investor in the Space ID project. However, it still remains uncertain whether the address is related to the Amber group. Amber Group, a digital finance prominency, is an investor in the Space ID project.

Meanwhile, the address was also unrelated to DWF Lab, another investor in the project, although the abovementioned address received ID from a DWF Lab-linked wallet, 0xddacad3b.

This appears to have piqued crypto market traders’ and investors’ interest promptly, as the ID token’s price jumped over 15% over the past day.

Also Read: Ripple Vs SEC: Judge Signs Order on Motion for Remedies-Related Discovery Extension

ID Price Soars

As of press time, the ID price soared 17.82% in the past 24 hours and is currently trading at $0.06048. Notably, its weekly and monthly charts portray phenomenal surges of 114.30% and 122.93%, respectively. The token’s market cap also noted a 17.60% upswing, reaching $282.49 million.

Concerning this, the recent ID price surge appears to come from Upbit’s listing announcement, as the token promptly gained traction within the broader crypto market following the exchange’s listing.

Also Read: Ripple Reveals Shift In XRP Sales Strategy Before July Win Against SEC

✓ Share:

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.