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Large-scale influx of CELT tokens into OKX Exchange hints at possible price manipulation

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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 …

Large-scale influx of CELT tokens into OKX Exchange hints at possible price manipulation

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

Interpretation of the news:


The message above is a report about the influx of CELT tokens into the OKX Exchange, a popular cryptocurrency exchange. According to the monitoring of the 0xScope Protocol, on February 28, five EOA (externally-owned account) addresses deposited a total of 517 million CELT tokens, which were worth 2.6 million dollars on February 27. These transactions occurred on February 26, the day before a large-scale increase and sell-off of CELT tokens.

CELT tokens are a type of cryptocurrency that is used to unlock content and features on the Celsius Network, a decentralized lending and borrowing platform. The price of CELT tokens has been volatile in recent weeks, with fluctuations ranging from $1.70 to $0.80 within the month of February.

The report suggests that the influx of CELT tokens into OKX Exchange may be a sign of price manipulation. The fact that the tokens were deposited into the exchange a day before a large-scale increase and sell-off of CELT tokens could indicate that the depositors were attempting to manipulate the price of the token.

Furthermore, the report notes that the initial funding for the five EOA addresses came from the deployer of the CELT token. This suggests that the depositors may be connected to the creators of the CELT token, who may have an interest in manipulating its price.

Price manipulation is a common issue in the cryptocurrency market, where the lack of regulations and oversight makes it easier for individuals or groups to manipulate the price of tokens or coins. In some cases, price manipulation can be done to deliberately inflate the price of a token or coin, allowing the perpetrators to sell their holdings at a profit. In other cases, price manipulation can be done to drive down the price of a token or coin, allowing the perpetrators to buy it at a lower price before it increases again.

In conclusion, the influx of CELT tokens into the OKX Exchange, coupled with the timing of the deposit and the source of the initial funding, suggest that price manipulation may be at play. Investors should be cautious when trading CELT tokens and other cryptocurrencies, and should be aware of the risks associated with investing in an unregulated market.

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