On-chain analytics platform Lookonchain reports that approximately $4.45 million worth of altcoins were transferred to an Alameda-affiliated wallet during the day.
Huge altcoin transaction in Alameda wallet
Analytics platform Lookonchain shared an Alameda-connected 1inch Network (1INCH) whale event on Dec. According to the tweet, an Alameda-linked address requested 11 million 1INCH worth $4.45 million approximately 24 hours ago.
In December 2021, the same address received 12.4 million 1INCH. Of that, 1.4 million 1INCH was transferred to Alameda and the remaining 11 million 1INCH to FTX. Next, the address claimed 12.4 million 1INCH. Transferred funds to FTX on June 2 and 3 of this year.
As you follow on Kriptokoin.com, the price of 1INCH is slightly rising compared to the last 24 hours after the transfers. It was green around 0.3% compared to last week. On the other hand, it has weakened by about 0.02% against Bitcoin (BTC) in the last day. However, it managed to gain around 0.08% against Ethereum (ETH).
However, Project Ren (REN), which has recently left Alamada, is seeing a notable increase in social dominance, development activity and price. Santiment analyzes show that the project is revived after the decision to leave.
REN leaving Alameda soars on various metrics
Project Ren (REN) was acquired by FTX’s sister company, Alameda Research, in early 2021. Later, due to the filing of Episode 11, Ren’s development team decided to “continue” in their own way. According to on-chain data provider Santiment, REN’s social dominance, development activity and price saw notable moves as the project announced its departure from bankrupt Alameda on November 19. Santiment says in his December 27 tweets:
The REN has seen wild price movements here in the final days of 2022 while the rest of the markets are very quiet. About 2 years ago, Alameda bought the project and it was announced that 180 million coins would be minted in preparation for Ren 2.0.
🧐 $REN has been seeing wild price action here in the final days of 2022, while the rest of the markets are very quiet. Nearly 2 years ago, #Alameda had bought the project, and it was announced that 180M coins will be minted in preparation for Ren 2.0. https://t.co/irD2KyPSYs pic.twitter.com/xr1HUNCunr
— Santiment (@santimentfeed) December 27, 2022
On the breakup day, the REN was trading at around $0.07, according to the data. It rose significantly to $0.13 on Nov. 26. As Alameda prepares to issue 180 million tokens “in preparation for Ren 2.0,” Bahamas-based cryptocurrency exchange FTX has filed for Chapter 11 bankruptcy protection, which also bankrupted its sister company.
The collapse caused Ren’s developers to “forward” from their partnership with the bankrupt company. According to a press release on REN’s blog, only “4. They have financing until the end of the quarter”. Also, Ren is preparing for another round of funding, as the company may not be able to continue its journey without “additional funding.”
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