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As allegations of manipulation in the cryptocurrency market resurface, on-chain analyst EmberCN made some noteworthy statements.
At this point, an important warning came from the analyst regarding the altcoins SIREN, $AKE, $XPIN, and BTR.
EmberCN stated that it examined the wallet addresses associated with the altcoins in question and detected suspicious signs indicating that the same active market maker played a role in the price movements of the four tokens. According to the analyst, all of these tokens experienced sharp increases exceeding tenfold.
$AKE, SIREN, $XPIN, and BTR are on the list!
One of the tokens that EmberCN particularly highlighted was $AKE. According to the analyst, after experiencing a sharp drop of approximately 60% at the beginning of July and a large number of leveraged investors exiting the market, $AKE gained approximately 52 times its value in the following month.
Noting that this rise is remarkable, the analyst suggests that this movement in $AKE is linked to a suspicious market maker.
In this context, the analyst notes that there are linked addresses indicating that the suspicious market maker traded not only on $AKE but also on SIREN, $XPIN, and BTR.
The analyst noted that these four altcoins have in common a history of experiencing controlled price increases exceeding tenfold.
The analyst also noted that some of the addresses associated with $AKE had previously been used in SIREN transactions and most recently in the transfer of $XPIN to Binance Alpha.
EmberCN concludes by stating that their findings regarding these altcoins are not definitive, but merely suspicions. The analyst notes that on-chain address relationships and price movements raise suspicions of manipulation.
*This is not investment advice.
Source: cryptonews.net