Crypto whales made millions by manipulating 2 altcoin projects that were trending with the bankruptcy of FTX. They cut the prices in half with the sales they made today.
Altcoin whales pocket million-dollar profits
With FTX going bankrupt this month, the cryptocurrency market is meeting new trends. Especially decentralized platforms and exchanges have stepped forward after the events. DFi.Money (YFII) was one of the DeFi projects that gained an unusual upward momentum. It had an opportunity to climb from $1,130 to over $4,300 in November. It gained around 400% without a red candle for about 12 days.
This momentum has been reversed for the last 48 hours. YFII has lost more than 50% today, in addition to November 20. It fell from $4,290 to $1,650 in the process. It is currently trading around $1754.1 USD.
The crypto community thinks market manipulation by big investors is behind the fall. Twitter’s Lookonchain suggested that the manipulation came from two whales. They claim that the conspiracy began on November 11 when a leading investor purchased YFII for $18.4 million per day cumulatively over twelve days at an average price of $2,170.
Whale then transferred some of the funds from the Chinese exchange Huobi to the Binance exchange for sale. According to the analyst, the investor probably earned over $7 million after dumping the coin.
SNM Coin from Binance listing was in the hands of whales
cryptocoin.com We have mentioned what happened in Sonm (SNM), one of the lesser-known altcoin projects of the Binance list. One of the altcoins that fell hard with YFII in the last 24 hours was Sonm (SNM). SNM gained over 5,000% at one point yesterday. The price quickly rallied from $0.19 to over $13. However, it is currently trading at $1.24. It has lost more than 80% of its value in the last 24 hours.
Some accuse Binance of not delisting the highly speculated Sonm (SNM). The altcoin was trading at around $0.2 in price on Saturday, November 19th. It rose to almost $11 the next day and then dropped below $1.3 today. It was a fully inflated balloon that inflated and deflated at record speed. It is worth noting that the SNM token has risen similarly before, but not to this magnitude. For example, it went from $0.006 to $1.12 between April 28 and May 1 last year, or 1,700% in four days. On May 24, the price returned below $0.2.
