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An altcoin from the Ethereum (ETH) ecosystem has exploded as one of its biggest holders appears to enter accumulation mode, according to on-chain data.

Blockchain tracking firm Lookonchain says that Loom Network (LOOM) rose over 31% in less than a day just as one large whale, potentially Korean crypto exchange Upbit, accumulated nearly $6 million worth of coins.

Lookonchain also says the entity controls about half of LOOMs total supply.

The price of LOOM skyrocketed by ~30% today.

The wallet suspected of Upbit accumulated 21.42 million LOOM ($5.83 million)

And the wallet currently holds 653 million LOOM ($181 million), 50% of the total supply.

After the whale accumulated its tokens, Lookonchain says that LOOM continued to surge. The entity in question subsequently moved a portion of its coins out of its wallet but still holds over a quarter billion dollars worth of the altcoin.

After the price of LOOM skyrocketed by ~60%, the wallet suspected to be Upbit transferred 36 million LOOM ($17.7 million) out

The wallet currently holds 617 million LOOM ($283 million), 47.5% of the total supply.

At time of writing, LOOM is trading for $0.384, up 140% performance in the last seven days.

Lookonchain also spotted an address associated with the 1inch Investment Fund scooping up Ethereum as ETH reached lower prices last week.

The 1inch Team Investment Fund spent 2.5 million USDC to buy 1,609 stETH (staked ether) at $1,551

The Fund also bought a total of 9,164 ETH ($15.07 million) at an average price of $1,645 on Aug 28 and Sept 5.

ETH is trading at $1,589 at time of writing.

Generated Image: Midjourney

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Ethereum-Based Altcoin Surges Over 31% in One Day Amid Massive Crypto Whale Accumulation: Lookonchain - The Daily Hodl