Something strange is going on at Bitget. The trading volume of a small token called VOXEL suddenly shot up and even crossed Bitcoin’s trading volume on the platform. In just 24 hours, the VOXEL/USDT futures contract hit $12.7 billion in volume, while Bitcoin’s was around $4.76 billion.
The crazy spike in VOXEL trading has left a lot of people in the crypto scene confused. Some think it could be a glitch in Bitget’s trading bot, while others believe it might be straight-up market manipulation.
Bitget has noticed the unusual activity too and said they’re currently investigating what’s going on. “We’ve noticed the abnormal trading behavior of the VOXEL/USDT pair and are investigating it,” said Xie Jiayin from Bitget on Twitter.
The exchange also mentioned that everything on the platform—trading, deposits, and withdrawals—is working fine. But some users might face restrictions because of risk-control measures while the investigation is going on.
Meanwhile, VOXEL’s price has been on a wild ride. It jumped from $0.0415 to $0.1166 in 24 hours—up nearly 179%. At one point, it shot up 127% in just 2 hours and then pumped another 235% in the next 4 hours, reaching as high as $0.1790.
But the rally didn’t last. Within 13 hours, VOXEL dropped around 50% and fell to $0.0911. As of now, it’s trading at about $0.0897. The token’s market cap is around $21.8 million, and its 24-hour volume is over $400 million.
Crypto analyst Ash Crypto also warned people, tweeting: “This is the new level of manipulation. $VOXEL market cap = $15M but more than $700 million volume in futures. First $AERGO, now this. Please be careful.”
For those who don’t know, VOXEL is the token for a game called Voxie Tactics. It’s a free-to-play 3D turn-based RPG with old-school vibes but modern gameplay. The game has two modes: Exploration and Battling.
Right now, it’s still unclear what exactly caused the crazy pump. Bitget is looking into it and said they’ll share more updates soon. Until then, traders are being advised to be careful—especially with small-cap tokens that suddenly start pumping.
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