Major Manipulation Allegations Surround a Binance-Listed Altcoin – Whales Are Orchestrating a Massive Artificial Pump
The cryptocurrency market has seen remarkable activity. Test (TST) has surged over 110% in the last 24 hours, reaching its highest level since October last year.
It is suggested that the sharp rise is due to large-scale and organized position taking.
According to the data, the process began approximately 24 hours ago with a newly created wallet being funded with 900,000 USDC via Bitget. This wallet transferred these assets to the decentralized derivatives platform Hyperliquid and opened an aggressive long position in TST. This position, which was gradually expanded, reportedly reached 133.6 million TST (approximately $3 million), and the whale has already made a profit exceeding $1.05 million, or more than 50%.
A weekly chart showing the increase in TST price.
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Market observers believe the address behind these transactions may be the same whale that previously caused similar price movements in the ZEREBRO token. This raises the possibility of price manipulation in the assets involved, leading to a cautious approach among investors.
On the other hand, the future of some perpetual contracts, particularly TST and ZEREBRO, remains uncertain. Network validators are expected to vote within approximately 24 hours on whether or not to delist these assets from the platform. In the event of a delisting decision, the relevant contracts will be settled using the 1-hour time-weighted average price (TWAP) spot oracle data.
If this scenario occurs, large position holders will be able to close their trades without facing liquidity issues and incurring high slippage costs when exiting the market. This is considered a crucial part of the strategy behind the current price movements.
*This is not investment advice.
Continue Reading: Major Manipulation Allegations Surround a Binance-Listed Altcoin – Whales Are Orchestrating a Massive Artificial Pump
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