Cryptocurrency platform StormX (STMX), which claims to be the world's first decentralized loyalty rewards platform, has experienced dramatic price fluctuations in the past few hours.
STMX has experienced dramatic price fluctuations in the past few hours. The coin spiked abruptly to $0.015 before dropping to $0.0081 and lost almost half of its value within minutes.
The spike and fall have raised suspicions of market manipulation for the token, with most of the trading volume coming from Upbit, South Korea's largest exchange. According to CoinMarketCap, Upbit accounted for 72% of the total STMX spot trading volume, which reached $495 million at its peak.
However, customer representatives of Binance, the second largest exchange by STMX volume, said that the relevant units are interested in an emergency in the STMX contract.
Traded at $0.008908 at the time of this writing, the token is trading at a level 96% lower than its all-time high price level.
*Not investment advice.
