Humanity Token ($H) Soars 78% After a Big Whale Wallet Deposits $2.7M to Exchanges

As per CoinGecko data, Humanity Token ($H) surged to a new high, more than 78% in the last 24 hours, and reached the price of $0.09538 but then stabilized at the price of $0.07767.

This surge was mostly prompted by a whale wallet (0x859e), which has transferred 35 million $H, which is estimated to be worth about 2.7 million dollars, to centralized exchanges only 12 hours ago. The action seems to have caused a mania of trading as the 24-hour volume in trading has grown to be $240.9 million.

Jump Trading Identified as Key Market Maker

More interesting is the role of Jump Trading, one of the more well-known investors. As defined by Lookonchain , Jump not only invested in Humanity Token as a strategic round investor but also serves as one of its market makers. At launch, Jump Trading was allocated 25 million $H tokens and then transferred 8 million $H to several exchanges, presumably as a result of its market-making activity. This compound role makes Jump central in the price activity and liquidity movement in $H.

Exchange Deposits Confirmed via Blockchain

The record of large-scale $H token transfers is supported by blockchain transaction records. The wallet under consideration deposited funds into the most significant centralized exchanges such as Bybit , Bitget, Gate.io, and MEXC. Important transactions consist of a 16.99 million $H transfer to Bybit, several transfers of 5.99 million $H to Bitget, Gate.io, and MEXC each. These large transfers coincide with the sharp increase noted in the price of the token in the chart, a characteristic feature of the relationship between whales and market response.

Tokenomics and Trading Metrics of Humanity Token

The current market cap of $H stands at more than $143 million, and the diluted valuation goes up to $786 million. It has a circulating supply of 1.825 billion and a maximum supply of 10 billion tokens. The rapid price increase has also highlighted the volatility of the project, but at the same time, its growing popularity is reflected by the almost 1,000 new wallets added $H to their portfolio.

Caution Flag: Proxy Contract Warning

As much as there has been the bullish momentum, however, a word of caution is needed: Humanity Token has its contract marked as a proxy by GoPlus. It implies that the person who owns the contract has the potential to change the mechanics of tokens, such as the disabling sells or fees adjustments, which is dangerous to retail investors. The traders are encouraged to move carefully due to the centralized control of the token smart contract.

Conclusion

The involvement of Jump Trading and massive deposits into tier-one exchanges have made Humanity Token one of the hottest assets in the market today. Nevertheless, it is necessary to consider both the fast profitability and possible smart contract threats when a project is developing.