Why Is Massive Protocol’s MAV Price Surging? The Sub-100k Market Cap Token Has $15M in 24H Trading Volume – What’s Going On?

2023-12-17 16:35

Over the last day, the native token of niche social platform Massive Protocol (MAV) has seen a 25% price pump to $0.40. This on its own would not raise too many eyebrows in the volatile crypto industry. However, MAV’s tiny sub-$100k market cap coupled with an incredible $15 million in trading over the past 24 hours is turning heads.

As described on their website, Massive Protocol brands itself as a “revolutionary social platform” for creators like artists and gamers to launch custom tokens and engage with fans. But this obscurity makes their token’s trading activity even more suspicious.

Flashing Warning Signs

According to @GeniiAlert, an almost unprecedented 900% spike in trading volume occurred across exchanges offering the MAV/USDT pair. Over $494,000 worth of MAV changed hands in just one minute on top exchange Binance.

For a cryptocurrency with extremely limited adoption and circulation per its tiny market cap, this explosion sets off alarm bells around manipulation.

Two Possible Scenarios Suggested

Respected trading account @TradersPOV offered some technical analysis around the puzzling price action. If bulls can sustain momentum, MAV could run towards its all-time high around $0.55.

However, if buying dries up, MAV would likely sink back down to fill demand gaps between $0.36 to $0.38. It closed within this range just 2 days ago before the parabolic 25% breakout.

What Could Explain This Deceptive Price Action?

While the reason behind the mismatch between fundamentals and trading activity remains unclear, several deceitful scenarios come to mind.

Wash trading between accounts, inflated volumes via transaction fees, and overt price manipulation could all explain the phenomenon. Until Massive Protocol releases more information, traders are left to speculate on the motivations behind this highly unusual price action.

Proceed with extreme caution around MAV for now considering these flashing warning signs. Whatever the cause, something does not add up between reported statistics and observed activity.

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The post Why Is Massive Protocol’s MAV Price Surging? The Sub-100k Market Cap Token Has $15M in 24H Trading Volume – What’s Going On? appeared first on CaptainAltcoin.

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Источник: captainaltcoin.com

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