Today, the Price of an Altcoin Suddenly Increased 11-Fold

Lisk ($LSK) has become one of the most talked-about altcoins in the cryptocurrency market due to its sharp price movement in the last 24 hours.

According to the data, the $LSK price surged by 512.7% at one point during the day, reaching $1.71, before falling back to around $0.98. Coinglass data also showed that approximately $38.37 million worth of $LSK transactions were liquidated in the last 24 hours, making $LSK the market leader in this area.

According to data shared by an on-chain analysis platform, the $LSK price rose from $0.20 to $2.37 during the day, gaining approximately 11 times its value compared to its low point. It was noted that approximately $36 million worth of short positions were liquidated during this sharp rise.

Following the price movement, another notable development came from a wallet allegedly linked to Lisk management. According to the data, approximately five hours after the sharp rise, an address believed to belong to Lisk CEO Max Kordek transferred 3.3 million $LSK to Binance. The value of the transferred tokens at the time was estimated at approximately $3.79 million. It was claimed that this address used the same Binance deposit address previously used by the Lisk CEO for gas fees.

The activity at $LSK coincides with the ongoing comprehensive transformation process within the Lisk ecosystem. Lisk had previously announced it would shift its focus to a treasury and fund operations platform for business finance teams. As part of this plan, Lisk Chain is scheduled to be shut down on October 31st, with existing applications available to migrate to the Celo network if desired.

In addition, Lisk DAO accepted the proposal to terminate the DAO structure. The project also initiated the process of burning 100 million $LSK. If the plan is completed, the total supply of $LSK is expected to decrease from 400 million to 300 million units.

*This is not investment advice.