Lisk Price Surges 11-Fold in 24 Hours Amid Ongoing Transformation
The altcoin Lisk (LSK) has seen a significant price surge in the last 24 hours, with its value increasing by over 512% at one point. The cryptocurrency's price rose from $0.20 to $2.37 during the day, representing an 11-fold increase compared to its low point. This sharp rise led to approximately $38.37 million worth of LSK transactions being liquidated in the last 24 hours.
According to data shared by an on-chain analysis platform, LSK's price surge also resulted in the liquidation of around $36 million worth of short positions. Following the price movement, an address believed to belong to Lisk CEO Max Kordek transferred 3.3 million LSK to Binance, with a value estimated at approximately $3.79 million.
The activity at LSK coincides with the project's ongoing transformation process. Lisk plans to shift its focus to a treasury and fund operations platform for business finance teams, which will involve shutting down the Lisk Chain on October 31st and migrating existing applications to the Celo network if desired.