Adventure Gold's token has experienced volatile price action after trading above $1.40 on July 20 before subsequently falling to $0.76 on the following day — sparking conversation about potential market manipulation.
One prominent Bybit trader, who goes by DeFi^2, noted today that "all three top-ranked accounts on the Bybit 24-hour leaderboard right now joined in the last five days, only traded AGLD and made seven figures profit" — statements seemingly bolstered by an examination of Bybit's leaderboards.
"Clearly some bad actors in the market right now — be careful if trading low market cap perps," they added. DeFi^2 declined to comment further.
Adventure Gold is the in-game currency for the Loot NFT project. It is currently the 396th-ranked cryptocurrency by market capitalization, according to CoinGecko.
Low-cap altcoins experiencing violent price swings
Adventure Gold's token is not the only low-cap cryptocurrency experiencing suspect price action.
Crypto cash-back project StormX's token has seemingly experienced market manipulation amid what a Binance customer service rep calls an "emergency incident of the STMX contract."
Over the past 24 hours, the 268th-ranked cryptocurrency by market capitalization, according to CoinGecko, surged from $0.0063 to nearly $0.015 before retracing fully.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.