Lisk (LSK) became the focal point of a speculative altcoin rally after South Korea’s largest exchanges, Upbit and Bithumb, reported extraordinary 24-hour trading volumes.
Combined data showed LSK led all altcoins with approximately $500.6 million in volume, split between Upbit at $327.8 million and Bithumb at $172.9 million. Other notable movers included VeThor (VTHO) at $139.9 million and Steem (STEEM) at $114.8 million, followed by FLOCK, XRP, B3, Powerledger, Metal DAO, Bonk, ARK, Pundi X, Storj, Worldcoin, Cysic and AZIT.
LSK’s price action was equally extreme. The token surged by 512.7% at one point to $1.71 before retreating to around $0.98. On-chain data indicated the price climbed from $0.20 to $2.37 intraday, an approximately 11-fold gain. Coinglass reported about $38.37 million in LSK liquidations over 24 hours, with roughly $36 million in short positions liquidated during the sharp rise.
About five hours after the spike, an address believed to belong to Lisk CEO Max Kordek transferred 3.3 million LSK to Binance, worth about $3.79 million at the time. The address reportedly used the same Binance deposit address previously connected to the CEO for gas fees.
The activity coincides with a wider Lisk ecosystem transformation. Lisk has announced a shift toward becoming a treasury and fund operations platform for business finance teams. Lisk Chain is scheduled to be shut down on October 31st, with existing applications able to migrate to the Celo network. The Lisk DAO accepted a proposal to terminate the DAO structure, and the project initiated a burn of 100 million LSK. If completed, the total supply would fall from 400 million to 300 million tokens.
