There have been allegations of market manipulation by some traders on the Bybit exchange about Adventure Gold (AGLD), the local token of the loot non-fungible token (NFT) project.
When the graph of the altcoin is examined, it is observed that the price of the altcoin has doubled in recent days and exhibited various movements such as 50% depreciation again.
According to DeFi^2, a well-known Bybit trader and cryptocurrency analyst, there are three accounts on the Bybit leaderboard that have joined in the past five days, trading only on the AGLD U-margin perpetual contract and accumulating $1.26 million in profits (these three accounts are currently ranked 4-6 on the Bybit 7-day perpetual leaderboard).
All 3 top ranked accounts on the Bybit 24 hr leaderboard right now joined in the last 5 days, only traded AGLD, and made 7 figures profit. The AGLD chart looks like this:
Clearly some bad actors in the market right now- be careful if trading low market cap perps. pic.twitter.com/IYGa7ErgwB
— DeFi^2 (@DefiSquared) July 23, 2023
DeFi^2 claimed that these accounts are “some malicious people in the market right now” and warned other investors to “be careful when trading low market cap coins”.
In addition, the price of AGLD has experienced a serious pump and dump recently. After climbing above $1.4 on July 20, the price quickly dropped to $0.76 on July 21.
AGLD is the native ERC-20 token of the Loot NFT project, a text-based, random adventure equipment themed cryptocurrency created by Dom Hofmann, co-founder of social media network Vine and stored on Blockchain.
*Not investment advice.
