Why Is Alchemix (ALCX) Price Up?

The Alchemix token ALCX gained nearly 12% in one hour according to an X crypto alert page from @cryptowise_fin. The account noted it was the largest 1-hour gain for ALCX in at least one year.

Large Whale Purchases Precede Rally

Further details on the price surge came from @BinanceWhalesAI which tracks large trades on Binance in real-time. According to the bot, a series of large ALCX buys totaling $702,618 occurred over a 15 minute stretch.

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The buying pressure pushed the ALCX price up 10.34% during the period. @BinanceWhalesAI noted the purchases were one of the biggest whale activities for the pair in the last 24 hours.

Conclusion

The simultaneous automated alerts indicate ALCX’s double-digit price jump was likely driven by coordinated large-scale purchases on Binance. Whale buying frenzies often kick off fast rallies for smaller cryptocurrencies before some investors take profits. However it remains to be seen whether this pump has longer-term momentum.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.

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