- Space ID (ID) altcoin price saw an impressive 80% surge in value within a few hours, leading to skeptics raise questions about its sustainability.
- The sudden increase in Space ID’s price coincides with Upbit, South Korea’s largest crypto exchange, introducing ID’s Korean won trading pair.
- DWF Labs’ major transactions with ID tokens and Upbit’s accumulation of ID tokens have sparked market speculation due to their history.
The altcoin Space ID (ID) witnessed an astonishing 80% surge in price within a few hours, captivating traders and analysts alike.
The community is watching Space ID developments closely with questions about the sustainability of this altcoin’s surge.
Why This Altcoin’s Price Skyrocketed
The remarkable uptick in price coincides with South Korea’s largest crypto exchange, Upbit, announcing the introduction of the ID’s Korean won trading pair.
ID’s value spike also highlighted DWF Labs’ role in the market.
According to SpotOnChain, the firm conducted major transactions with ID tokens. This includes withdrawing 3.62 million ID, worth around $1.73 million, from OKX.
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Then, it quickly deposited 2.45 million ID, around $1.12 million, to Binance via Amber Group. These network activities were traced back to an address labeled DWF Labs.
Moreover, SpotOnChain reported that Upbit’s address holds 97 million ID tokens, valued at $52 million.
This makes Upbit the fifth-largest ID holder. Still, 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 related to the aggressive pumps and dumps of several tokens,” SpotOnChain said.
The rapid appreciation in ID’s price has also led to skeptics anticipating a potential downturn. CryptoNoan, a pseudonymous crypto trader, expressed intentions to short the ID altcoin, citing its overvaluation after the Upbit listing announcement.
“ID suddenly became the rarest coin, trading with -3% funding on MEXC. I will short this around 0.48/0.49 after the next funding reset,” CryptoNoan remarked.
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice.
Disclaimer: The information provided is not trading nor financial advice. Bitcoinworld.co.in holds no liability for any trading or investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any trading or investment decisions.
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