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One altcoin project soared over a 24-hour period as a crypto whale accumulated a massive amount of its tokens, according to on-chain data.

Blockchain tracking firm Lookonchain saysthat the native token of the automated market maker (AMM) Bancor Network (BNT) witnessed a big burst to the upside in a day as a single wallet acquired millions of BNT.

The firm says that the wallet is thought to belong to Upbit, a South Korean cryptocurrency exchange.

The price of BNT has increased nearly 40% today. A wallet suspected to be Upbit has accumulated 4.71 million BNT ($2.54 million, 3.3% of the total supply) in the past 11 hours, which seems to be related to the rise in BNT price.

According to the firms chart, BNT was trading for $0.399 before rallying to around $0.55. The altcoin peaked at around $0.625 yesterday prior to witnessing a sell-off event.

At time of writing, BNT is trading for $0.52, down over 17% in the last 24 hours.

The firm also noticed that blockchain infrastructure provider Orbs (ORBS) rallied more than 40% in one day as crypto players sent the coins trading volume soaring.

The price of ORBS surged by 43% today. 93.8% of the trading volume came from the Korean exchange Upbit, and 4.8% came from the Korean exchange Bithumb.

(Investment firm) DWF Labs deposited 24 million ORBS ($792,000) into Bithumb after the price increase.

The firms daily chart shows Orbs shooting up from $0.02297 to $0.033.

Orbs has since retraced and is trading for $0.026 at time of writing, down nearly 9% in the past day.

Generated Image: Midjourney

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Ethereum-Based Altcoin Explodes 40% in 24 Hours As Crypto Whale Rapidly Accumulates: On-Chain Data - The Daily Hodl