A small-cap cryptocurrency MOVE Network MOVD/USD skyrocketed 7,900% over 24 hours leading up to Friday.

What Happened: MOVD rallied from $0.003 to an intra-day high of $0.24 over a span of 90 minutes. At press time, MOVD was still up 1,200% and was trading at $0.041.

The small-cap cryptocurrency saw its daily trading volume surge 495,000% over 24 hours to $1.6 million.

According to data from whale wallet tracker WhaleStats, this sudden surge in trading volume can largely be attributed to Ethereum ETH/USD whales.

See Also: HOW TO BUY ETHEREUM (ETH)

MOVD was the most traded token among the 100 richest whale wallets over the last 24 hours.

The network describes itself as an NFT aggregator that allows enterprises and start-ups to capture value by using blockchain technologies to trade, stake, create, and auction NFTs.

Users can utilize MOVE Network to buy and sell NFT IPs in entertainment, music, artwork, and E-sports.

MOVD hit an all-time high of $0.78 in January but has since lost 96% of its value.

Photo courtesy: MOVE Network