A recent post on Lookonchain, a leading source for cryptocurrency price updates, has brought attention to the significant increase of 100% in the value of BAKE, a token within the BakerySwap ecosystem and a decentralized automated market-making (AMM) protocol.
This surge in price was reportedly triggered by BakerySwap’s announcement of their new launchpad project on BRC20, which received an impressive 181,000 impressions on X platform.
In a strategic move, it has been revealed by Lookonchain that a whale, the third-largest holder of BAKE, deposited a substantial amount of 4.38 million BAKE, equivalent to $1.4 million, into the popular global cryptocurrency exchange, Gate.io.
This move was made as BAKE’s price approached its high of $0.352, indicating that the whale now holds a total of 19.48 million BAKE, valued at $6.25 million.
Despite the initial excitement earlier in the day, the token has experienced a 5.29% decrease, currently trading at $0.2773.
The BAKE altcoin is just one of many altcoins that has captured the interest of investors. According to a report on X by Kaiko, the market share volume of altcoins reached 67% last week, leading many analysts to believe that this marks the beginning of altcoin season.
This data from a reputable cryptocurrency market source suggests a shift in investor sentiment and potentially signals a new trend in the market.
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