Crypto whale pours $3 mln in Altlayer post $14.40 mln Polychain funding - CryptoCrazeNews

Crypto whale pours $3 mln in Altlayer post $14.40 mln Polychain funding

Why investors are investing in Altlayer token?

Crypto whale pours $3 mln in Altlayer post $14.40 mln Polychain funding

Blockchain infrastructure Web3 project Altlayer’s ALT has garnered significant attention from cryptocurrency investors after securing investment from Polychain Capital. On February 19, 2024, Altlayer successfully raised a $14.40 million fund from Polychain Capital and Hack VC. Following this funding, a crypto Whale address (0xd4a, rochee. eth) withdrew 5.5 million ALT tokens, valued at around $2.99 million, from Binance at $0.544, making it the second-largest non-CEX/team-holding address of ALT.

Why investors are investing in Altlayer token?

Adding to the intrigue, the crypto whale who purchased 5.5 million ALT tokens had been inactive for over 8 months. The primary reason behind this substantial investment in Altlayer is the project’s track record of raising over $21.60 million from various venture capitalists over three different years since February 2022.

Moreover, investors and retailers are consistently showing confidence in Altlayer due to its upcoming airdrop. During the Altlayer airdrop, a total of 300,000,000 ALT tokens, approximately 3% of Altlayer’s total supply, will be distributed. 

Eligible recipients include NFT Holders (OG Badge and Oh Otties! collection) with a share of 35.47%, Altitude campaign participants receiving 37.07%, EigenLayer restakers obtaining 13.05%, EigenLayer ecosystem partners securing 4.49%, and Celestia Stakers claiming 9.92% of the total tokens.

Besides the Altlayer airdrop, several other airdrops are also attracting significant attention from crypto investors. For instance, zkSync has raised over $258 million in investments, LayerZero has secured over $241 million, and EigenLayer has also raised an impressive $64.50 million in investments. However, it’s noteworthy that all of these crypto projects are planning to distribute free token airdrops.

Altlayer’s ALT price performance 

However, Altlayer’s ALT token is currently trading near $0.54, and in the last 24 hours, it has experienced a decent 0.3% upside momentum. Altlayer’s ALT is not the only token that has experienced an upside momentum; top cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and many others are facing a downside momentum.

Examining Altlayer’s ALT performance over a more extended period, in the last 7 days, ALT has experienced over 40% upside momentum, while in the last 30 days, its price has surged by over 95%. Additionally, investors and retailers still see ALT tokens as having the potential for impressive returns in the longer term.

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