Whales Cause OX Token Price to Plummet in Pump and Dump Scheme
A large-scale pump and dump scheme orchestrated by whales led to a significant drop in the price of the Open Exchange Token (OX). Within minutes, the token went from 0.013 to 0.0092, a decrease of 50%. However, it quickly rebounded and regained its original value within just 10 minutes. According to a defi analyst, this rollercoaster ride in the OX market was a result of pump and dump actions carried out by whales.
Earlier on the same day, a series of transactions involving massive volumes of OX tokens occurred. One address transferred 200 million OX tokens to another address. Subsequently, 72 million tokens were moved to a separate wallet, leaving 32 million with the initial recipient.
An hour later, another address sold 40 million OX tokens, causing the price to plummet by nearly 50%.
Hot Take: Whales Manipulate OX Token Price through Pump and Dump Strategy
The sudden drop and subsequent recovery in the price of the Open Exchange Token (OX) were a result of manipulative tactics employed by whales. These large-scale investors orchestrated a pump and dump scheme, artificially inflating the token’s value before selling off their holdings and causing a sharp decline in price. The pump and dump strategy allows whales to profit at the expense of smaller investors who are left with devalued tokens. This incident highlights the vulnerability of decentralized finance markets to such market manipulation. It also underscores the importance of regulatory measures to protect investors from these types of schemes in the crypto space.
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