Cryptocurrency Skyrockets 30% as Whale Trading Activity Surges

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The cryptocurrency market is in a bearish mode, but one token is bucking the trend: Loom Network (LOOM). Today (October 13), the asset has seen a significant 30% price increase and reached a 5-year high of approximately $0.28, before settling at $0.27.

The surge is likely influenced by an Upbit investor, who purchased over 21M LOOM worth around $6 million. This whale now holds 653 million LOOM assets, equating to 50% of the total circulating supply.

A tweet from the team confirming the news:

Meanwhile, major cryptos such as Bitcoin (BTC), Ether (ETH), Binance Coin (BNB), Ripple (XRP) and more remain in decline, with the global market capitalization dropping below $1.1 trillion (per CoinGecko’s data).

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