This ascent in price is largely attributed to actions undertaken by Jeffrey Huang, also known as Machi Big Brother, making CREAM the best-performing altcoin of the day.
Understanding CREAM's ascent
CREAM is a part of Cream Finance, a decentralized finance (DeFi) protocol aiming to offer a wide array of financial services such as lending and borrowing, on the Ethereum blockchain.
According to blockchain sleuth Lookonchain, Machi Big Brother withdrew 215,236 CREAM, equivalent to approximately $4.04 million, from Cream Finance.
Rather than liquidating the assets immediately, he opted to stake them once more, suggesting a long-term bullish outlook on CREAM.
It is worth noting that Machi Big Brother has sizable impact on the cryptocurrency market. He played a significant role in the price fluctuations of Bored Ape Yacht Club NFTs, impacting the NFTs' floor price significantly through large-scale sales and purchases of these digital collectibles.
While CREAM basks in its newfound success, other coins have not shared the same fate. Notably, Zap Protocol (ZAP) and xDai Chain (STAKE) experienced significant depreciations, registering 13.8% and 13.4%, respectively, whereas Akropolis (AKRO) saw a decline of 9.5%.