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Are Crypto Prices Manipulated? Official Trump Token and Others Raise Eyebrows
The cryptocurrency market has been witnessing a whirlwind of activity in the recent past. The sheer volume of new tokens being listed daily is staggering, with at least 12,799 new coins having entered the market in the last year alone. This surge in listings has led to concerns over the legitimacy and credibility of these new entrants.
One such instance that has raised eyebrows is the official Trump token, which was released in late January. The token opened at a price of $6.54 but rapidly surged to reach $72.62 within hours of its launch. Currently, it trades at around $8.05.
The sudden and drastic increase in value has sparked concerns over whether this rapid appreciation is genuinely organic or artificially manipulated. While the official Trump token may not be a standalone indicator of market manipulation, it has certainly heightened suspicion among investors and traders alike.
The issue of crypto prices being manipulated is not limited to just one specific token, however. According to data from Coinranking, nearly 778 new cryptos have entered the market in the last 30 days, with at least nine tokens having been listed today alone.
This sheer volume of new listings has led many experts to question the integrity and transparency of the process. In fact, DeFinance Capital’s Arthur Cheong has gone as far as to state that project teams and market makers often collaborate to manipulate prices, citing a lack of interest from centralised exchanges in addressing this issue.
The drop in total market capitalization, excluding top ten cryptos, is another indicator that may point to market manipulation. The total market capitalization has plummeted by 38.33% since the start of the year, with the altcoin market cap declining from $1.34T to $961.7B.
It appears that the recent surge in new listings and price appreciation of certain tokens has caught many off guard, sparking concerns over market manipulation. As the debate rages on, it is essential for regulatory bodies and centralised exchanges to take a closer look at the matter and address any irregularities to maintain the integrity of the cryptocurrency space.
The opinions expressed are those of the author and do not necessarily reflect the views of Coinpedia or its affiliates.
Source: https://coinpedia.org/news/are-crypto-prices-manipulated-official-trump-token-and-others-raise-eyebrows/
