Potential Market Manipulation Warning for CELT Token

02/28/2023 06:58 • Metaverse Matters • 145 views

On February 28, according to the monitoring of 0xScope Protocol, on February 26, the day before the large-scale increase and sell-off of CELT tokens, five EOA addresses deposited 517 million CELTs into the OKX Exchange. These tokens were worth 2.6 million dollars on February 27. The initial funding for these addresses comes from the deployer of the CELT token.

Data: 517 million CELTs were deposited by five addresses to OKX on February 26

Interpret the above information:

The message indicates that on February 26, five externally owned account (EOA) addresses deposited 517 million CELT tokens worth $2.6 million into the OKEx exchange. This happened just before a large-scale increase and sell-off of CELT tokens. The funding for these addresses originated from the deployer of the CELT token.

This message suggests a possible market manipulation warning for the CELT token. Market manipulation refers to the act of artificially inflating or deflating asset prices through fraudulent means. In this case, the large deposit of CELT tokens into the exchange by the deployer of the token could have artificially inflated the price of the token, creating a false impression of demand. This action could manipulate the market in favor of the deployer and deceive other investors.

The monitoring of the 0xScope Protocol shows that these deposits occurred on February 26, which is a day before a significant increase and sell-off of CELT tokens. The sudden deposit of a massive number of CELT tokens before such a significant price change indicates a possible attempt to influence the market.

Moreover, the initial funding for these addresses comes from the deployer of the CELT token. This fact raises further concerns about the intentions of the depositors. The deployer could have deposited these tokens to control the price of the token, manipulate the market or mislead investors, potentially leading to financial loss.

In conclusion, the message indicates a warning of potential market manipulation for the CELT token. Investors should exercise caution when trading CELT tokens, and exchanges should monitor such activities to prevent further fraudulent actions, which could harm the integrity of the market.

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Potential Market Manipulation Warning for CELT Token

Data: 517 million CELTs were deposited by five addresses to OKX on February 26

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