In an unexpected turn of events, the small token VOXEL has seen an extraordinary surge in trading volume on the Bitget exchange, even surpassing Bitcoin’s volume in just 24 hours. The VOXEL/USDT futures contract hit a staggering $12.7 billion in volume, while Bitcoin’s volume during the same period stood at only $4.76 billion.
Key Developments:
VOXEL Trading Surge:
VOXEL’s 24-hour trading volume skyrocketed, with a dramatic jump in price from $0.0415 to $0.1166, a 179% increase. At one point, the token surged by 127% within 2 hours and later saw another 235% rally within the next 4 hours, reaching as high as $0.1790.
However, this rapid rise was short-lived. Within 13 hours, VOXEL’s price plunged by nearly 50%, falling back to $0.0911. It is currently trading around $0.0897, with a market cap of approximately $21.8 million.
Possible Glitch or Market Manipulation:
The massive surge in VOXEL trading has raised suspicions of either a glitch in Bitget’s trading bot or market manipulation. Bitget has acknowledged the unusual activity, stating that they are investigating the abnormal behavior of the VOXEL/USDT pair.
Despite the unusual trading, the exchange assured users that the platform’s operations, including trading, deposits, and withdrawals, remain functional. However, certain risk-control measures may result in temporary restrictions while the issue is being addressed.
Crypto Community Reaction:
The incident has left many in the crypto community puzzled, with some speculating that the spike could be a result of a malfunctioning bot or potential market manipulation tactics. Crypto analyst Ash Crypto warned traders about the manipulation, noting that VOXEL’s market cap was just $15 million, yet the futures volume exceeded $700 million.
VOXEL’s Origins:
VOXEL is the native token for Voxie Tactics, a free-to-play, 3D turn-based RPG. Despite its niche status, the game has garnered attention, though the reasons for the token’s sudden surge remain unclear.
Bitget’s Investigation:
Bitget has confirmed that they are actively looking into the situation and will provide updates as soon as more information is available. In the meantime, traders are being advised to exercise caution, particularly with smaller-cap tokens that experience such dramatic price fluctuations.
Conclusion:
The surge in VOXEL trading volume on Bitget is raising eyebrows in the crypto community, and while Bitget is investigating the cause, traders are being urged to stay cautious. With the potential for market manipulation or a glitch, this incident highlights the volatility and risks inherent in trading smaller tokens.
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