Crypto News

AltLayer Token, ALT Surges Following Binance Launchpool Debut

The AltLayer token, ALT has been on a remarkable upward trajectory since its launch as the 45th project on Binance Launchpool.

Over the past 24 hours, the token has witnessed a 9% increase in price, accompanied by a substantial 23% gain over the past week. However, it’s worth noting that the token’s 24-hour trading volume has experienced a 40% decline.

An intriguing development occurred as the alt_layer multi-sig wallet transferred 40 million ALT tokens to GSR_io, a market participant. GSR_io subsequently deposited 15 million ALT tokens across prominent exchanges like Binance, MEXC, and Gateio in anticipation of AltLayer’s listing.

More ALT Wallets Received AltLayer Token

Recent on-chain reports have shed light on significant token movements. Address 0xfcc…59a70, identified as the GSR Market address, received a total of 254 million tokens between January 18th and 24th.

This accounts for 23% of the total circulating tokens. Presently, 40.464 million ALT tokens have been deposited into exchanges, while 213 million tokens remain in the wallet, valued at $75.96 million.

Additionally, address 0xc37…2235e received 40 million tokens on January 19th, one day after GSR’s receipt of tokens. Subsequently, all tokens were transferred to Binance. Confirmation is pending regarding whether this address represents another market maker.

At the time of writing, the AltLayer token, denoted as ALT, is trading at $0.3466. As the token continues to gain traction and witness increased trading activity, market participants closely monitor its performance and the implications of significant token movements on its price dynamics.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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