The cryptocurrency whose value increased by 80% in a few hours is named

In a few hours, the value of the Space ID (ID) altcoin has increased by 80%, captivating traders and analysts. The community is closely watching the developments around Space ID, wondering about the sustainability of this altcoin’s growth.

The rise in the value of Space ID coincided with the news that South Korea’s largest cryptocurrency exchange, Upbit, announced the introduction of an ID trading pair in Korean won. The jump in ID’s value also emphasized DWF Labs' role in the market.

According to SpotOnChain, the firm has been conducting large transactions with ID tokens. This includes withdrawing 3.62 million IDs worth about $ 1.73 million from OKX. It then deposited 2.45 million IDs, worth about $ 1.12 million, on Binance via Amber Group. This network activity was traced to an address labeled as DWF Labs.

Not only that, SpotOnChain reported that 97 million ID tokens worth $ 52 million are stored at the Upbit address. This makes Upbit the fifth largest ID holder. Upbit’s accumulation of IDs is causing speculation in the market due to DWF Labs and Upbit’s influence on token volatility in the past.

«In the past, DWF Labs and Upbit have been linked to aggressive pumping and dumping of multiple tokens ,» SpotOnChain said.

The rapid rise in the ID price has also led skeptics to expect a potential downturn. Crypto trader CryptoNoan has expressed its intentions to sell the ID altcoin, citing its revaluation after the announcement of its listing on Upbit.