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.

The price of Adventure Gold's token fell off a cliff after a significant surge. Source: TradingView

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.