The altcoin Space ID (ID) witnessed an astonishing 80% surge in value within a few hours, captivating traders and analysts alike.
The community is watching Space ID developments closely with questions about the sustainability of this altcoin’s surge.
Why This Altcoin’s Price Skyrocketed
The remarkable uptick in price coincides with South Korea’s largest crypto exchange, Upbit, announcing the introduction of the ID’s Korean won trading pair. ID’s value spike also highlighted DWF Labs’ role in the market
According to SpotOnChain, the firm conducted major transactions with ID tokens. This includes withdrawing 3.62 million ID, worth around $1.73 million, from . Then, it quickly deposited 2.45 million ID, around $1.12 million, to BINANCE via Amber Group. These network activities were traced back to an address labeled DWF Labs.
The rapid appreciation in ID’s price has also led to skeptics anticipating a potential downturn. CryptoNoan, a pseudonymous crypto trader, expressed intentions to short the ID altcoin, citing its overvaluation after the Upbit listing announcement.
“ID suddenly became the rarest coin, trading with -3% funding on MEXC. I will short this around 0.48/0.49 after the next funding reset,” CryptoNoan remarked
