STMX token recorded unusual price movements in the last few hours, leading to speculation of market manipulation among market watchers.

The sudden rise of the token, followed by a rapid descent, has left several derivatives traders liquidated. Binance also updated its STMX futures contract.

STMX Crashes After Surge

The token, which trades on several exchanges, including Binance, recorded a massive surge in its price over the last 24 hours. It peaked at $0.015 earlier today but soon saw a rapid decline in price, dropping by about 45% to $0.0081.

Data from Coingecko shows it has risen slightly to $0.0089 and gained 104% in the last seven days.

The unusual price movements in the last few hours have raised concerns about market manipulation, although no clear evidence supports these claims. Wu Blockchain reported that the South Korean exchange UpBit accounts for 72% of the trading volume of $495 million.

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Author: Oluwapelumi Adejumo

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