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According to the latest on-chain data shared by PeckShieldAlert, Jump Trading has moved 2 million MASK to Binance. The value of the MASK moved at press time is $9.54 million.
#PeckShieldAlert ~2M $MASK (~9.62M) has been transferred from Jump Trading Binance Deposit to Binance
— PeckShieldAlert (@PeckShieldAlert) February 2, 2023
Jump Trading Binance Deposit received 1M $MASK from itself & 1M $MASK from 0x4169d
0x4169d received ~1M $MASK from Mask Network: Team Wallet-labeled address 91 days ago pic.twitter.com/lbrcY92uGK
Jump Trading Binance’s account received 1 million MASK from itself and the other 1 million MASK from 0x4169d. 0x4169d received the MASK from the Mask Network.
At press time, Jump Trading’s Binance Deposit account had $1,652,698.14 worth of tokens. The latest movement of MASK happened on February 2, 2023, at 04:00:35 UTC.
The price of MASK has definitely been affected by the movement of MASK. According to CoinMarketCap data, MASK is trading at $4.84, with a 15.78% rise in value over the last 24 hours. A closer look at the price of MASK reveals that the spike in price is related to the movement of 2 million MASK. The market cap of MASK also rose by 15.54% and stands at $329,942,781.
Jump Trading is a US-based trading firm that was greatly involved with the Terra-LUNA event. The firm recently moved LIDO to Binance, which caused its price to plummet by 20%. The fleet of transfers also raised the question of why Jump Trading was dumping LIDO.
The motive of Jump Trading is unclear, as to why they moved 2 million MASK to Binance. It is just another prime example of how the movements of large players can affect the market and price of specific tokens. On-chain data quite often comes in handy so that investors and traders can keep an eye on these movements.