#Whale manipulation of SWARMS price#

Recently, a whale account 3EqUQ...xrU3s was found suspected of manipulating the price of SWARMS. The account sold 7.15 million SWARMS worth $2.1 million at an average price of $0.2944 within 25 minutes, and then bought back 5.55 million SWARMS at $0.2799 six minutes ago. Due to the sell orders being split into multiple transactions, while the buy orders were two large transactions, the price first dropped by 16.6%, then quickly rose by 30%, with a swing of 46.6%. This operation method is considered a typical "wash trading" behavior, which is to create price fluctuations, "wash out" investors with higher holding costs from the market, and then buy back at a lower price to profit. This incident has attracted widespread attention from the community, with many investors questioning the whale account's manipulation and worrying about its impact on the market. It is currently unclear who the whale account is and what its motives are, but this incident reminds investors once again that they should be cautious about market risks and identify potential manipulation when investing in cryptocurrencies.