#Whale manipulation of SWARMS price#
Hot Topic Overview
Overview
Recently, a whale account, 3EqUQ...xrU3s, was suspected of manipulating the price of SWARMS. The account sold $2.1 million worth of SWARMS tokens in 25 minutes at an average price of $0.2944, and then bought back 5.55 million tokens at $0.2799 just 6 minutes ago. Due to the sell orders being split into multiple transactions, while the buy orders were made in two large transactions, the price first dropped by 16.6% and then quickly rose by 30%, resulting in a swing of 46.6%. This behavior has attracted market attention, with many questioning whether the whale account is manipulating the price and worrying that its actions could cause losses for other investors.
Ace Hot Topic Analysis
Analysis
Recently, a whale account, 3EqUQ...xrU3s, was suspected of manipulating the price of SWARMS. The account sold $2.1 million worth of SWARMS (7.15 million tokens) at an average price of $0.2944 in the past 25 minutes, and then bought back 5.55 million tokens 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% and then quickly rose by 30%, resulting in a swing of 46.6%. This operation is considered a typical "wash trading" behavior, which involves creating panic to induce retail investors to sell their tokens, and then buying them back at a lower price to profit. This behavior not only harms market fairness but also poses significant risks to investors. Currently, the true identity and manipulation purpose of the whale account are unknown, but this incident has once again raised concerns about the regulation of the cryptocurrency market.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
A whale has been manipulating the price of SWARMS by dumping and buying in batches, causing significant price fluctuations.
The whale's manipulation could lead to losses for investors, especially those who were washed out during the price drop.
The whale's manipulation could have a negative impact on market confidence in SWARMS.
Regulators should strengthen their oversight of the cryptocurrency market to prevent such manipulation.