VOXEL Crashes After 200% Rally
VOXEL, the in-game currency of Voxie Tactics, has crashed after a dramatic rally just a week ago. On April 20, the token increased over 200% in 30 minutes, from $0.04 to an all-time high of $0.13. That rally was short-lived, though. By April 23, VOXEL had fallen more than 50%, with its price at approximately $0.06.
The top attracted broad reporting in the crypto community. Even subsequent to the dramatic drop, VOXEL is still up over 200% in the past week alone, which demonstrates how frenzied the buildup was. But the point that it has no visible catalyst behind the price movement has raised concerns.
Market Cap and Volume Take a Hit
Data from CoinGecko indicate VOXEL’s market capitalization fell from a recent high of $27 million to $16.3 million. More striking was the 24-hour trade volume fall from $463.44 million to $49.8 million — down 40.9%. VOXEL’s trade volume momentarily surpassed that of Bitcoin at its high point, an anomaly indicating extreme speculation.
This pattern — explosive rises followed by sudden drops and vanishing liquidity — is characteristic of a probable case of pump-and-dump or manipulation in the futures market.
Crypto Analyst Points Out Market Manipulation Warning Signs
Crypto analyst Ash Crypto was among the first to point out inconsistencies in VOXEL’s trading statistics. The token’s spot market capitalization stayed low while its futures volume skyrocketed to nearly $700 million, raising alarms about price inflation through artificial methods.
Ash opined that such an imbalance was too extreme to be ignored. Ash hypothesized that the surge in volume, together with VOXEL’s price appreciation, was highly probable to be caused by collusive behavior rather than real market demand.
Bitget Investigates, Suspends Trading
Major exchange Bitget was swift to respond to abnormal trading activity in the VOXEL/USDT pair. The platform flagged the transactions as suspicious and suspended trading on VOXEL perpetual contracts on April 22. Several accounts involved in the action were suspended pending investigation.
Bitget also stated that it would compensate affected users, referring to the incident as a trading glitch. Further news from the exchange is to be expected as the investigation unfolds.
What Is VOXEL?
VOXEL is the Voxie Tactics token, a tactical RPG on the Polygon (POL) blockchain. Both a game money and a utility token, it allows users to purchase weapons, armor, and other digital goods that enhance game play.
