Today, a substantial whale activity triggered curiosity among crypto market participants. According to data presented by Onchain Lens, a whale withdrew massive amounts of Kaito (KAITO) from Binance, raising an eyebrow at the price and prospects of the altcoin.
Whale buys 2 million Kaito tokens
As per data by Onchain Lens, the whale created a new wallet and withdrew 2 million KAITO tokens worth $3.88 million from Binance.
Such a massive withdrawal shows that this whale has known something about this new cryptocurrency, particularly as its price remains stable and continues to rise. That explains why he created the wallet and executed such a transaction.
This activity shows positive investor sentiment on KAITO, suggesting that strategic traders and investors are accumulating the tokens, hoping growth for in its future prices.
In other words, this massive withdrawal by this investor indicates a strategic acquisition of KAITO tokens, possibly showing confidence in the asset’s long-term growth. Such transfers can impact market dynamics by decreasing the circulating supply on exchanges, possibly contributing to price increases.
Kaito price updates
KAITO has been seeing upward momentum since its launch last week. Technical indicators suggest that the altcoin to set to experience further price rise. Recently the token has experienced a substantial increase in trading activity, showing that the asset could be preparing to see a greater uptrend. As more investors interact with the asset, its price dynamics are changing, backed by expanded open interest and surging social metrics.
Since its launch seven days ago, KAITO has been experiencing significant gains, with its total swap volume surging to a remarkable $2.55 billion, at the time of writing. Over the last week, its price has been up 5.0% and continues to surge. In 24 hours ago, its price rose by 21.5%, making its price currently stand at $1.87.
This increase in transaction activity suggests a rising interest in the coin, indicating that it could be verge of witnessing a further upswing. The surge in volume signifies positive sentiment in the market and therefore positions KAITO for a greater price jump.
In the past 24 hours, Open Interest (OI) on KAITO has risen by 97.08%, climbing to $141.45 million. The increase in OI shows that traders are creating positions to hold the token, optimistic for the asset’s continued rise. Normally, increasing Open Interest shows confidence in an extended price movement. This rise in Open Interest shows that traders are preparing to capitalize on the imminent upward momentum.
With the rising trading volume, positive market sentiment, and increased Open Interest, KAITO price is primed to reach a resistance level of $3.62 in the coming few weeks.
