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Following
LSK Lisk (LSK) prices fluctuate violently, rising by more than 500% in 24 hours.
Due to significant price fluctuations in the past 24 hours, Lisk (LSK) has become one of the most watched altcoins in the cryptocurrency market. Data showed that LSK prices surged 512.7% during the day, hitting US$1.71, and then fell back to about US$0.98. Coinglass data also showed that approximately $38.37 million of LSK contracts were liquidated in the past 24 hours, making it a market leader in the field.
According to data shared by the online analysis platform, the LSK price rose from US$0.20 to US$2.37 within the day, about 11 times higher than the low point. Significantly, short positions worth approximately $36 million were liquidated during this sharp rise.
Following price fluctuations, another eye-catching development came from a wallet allegedly linked to Lisk management. Data showed that about five hours after the sharp rise, 3.3 million LSKs were transferred to Binance from an address believed to belong to Lisk CEO Max Kordek. The value of the transferred tokens at the time was estimated to be approximately $3.79 million. According to reports, the address used the same Binance recharge address previously used by Lisk's CEO to pay for gas bills.
Comprehensive transformation of the Lisk ecosystem
LSK's activities are consistent with the comprehensive transformation process underway within the Lisk ecosystem. Lisk previously announced that it would shift its focus to providing a platform for treasury and fund operations for commercial finance teams. As part of the plan, Lisk Chain is scheduled to shut down on October 31, with existing applications having the option to migrate to the Celo network.
In addition, Lisk DAO approved a proposal to end the DAO structure. The project also initiated the process of destroying 100 million LSKs. If the plan is completed, the total supply of LSK is expected to decrease from 400 million units to 300 million units.
This chart shows the recent growth in LSK prices.
