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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Show more +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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