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Crypto Whales Manipulate the Prices of YFII, SNM, Making over $7M

Cryptocurrency Nov 21, 2022 04:30AM ET
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Crypto Whales Manipulate the Prices of YFII, SNM, Making over $7M

  • YFII gained almost 400% in 12 days despite this month’s bear market.
  • However, within 24 hours, the YFII coin dropped by over 50% from $4,290 to $1,650.
  • Shitcoin SNM gained over 5000% in 24hrs, pushing its price from $0.19 to over $13.

Despite the overall bear market this month, the DFi.Money (YFII) coin gained an unusual momentum, moving up the ladder from about $1,130 to $4,300, closing each day for 12 days without any red candles, gaining nearly 400%.

However, within 24 hours, the YFII coin dropped by over 50% from $4,290 to $1,650.

YFII-USDT- 1-Day Trading Chart (Source: Binance)

The crypto community speculates that there was possible market manipulation by significant crypto investors against the coin. A crypto analyst Lookonchain believed the manipulation came from two whales. They claim the plot started on November 11 when a prominent investor cumulatively bought $18.4 million YFII daily for twelve days straight at an average price of $2,170.

The whale later transferred some of the funds from the Chinese exchange Huobi to the Binance exchange for sale. According to the analyst, the investor probably made over $7 million after dumping the coin.

Currently, YFII trades at $1,870 with a 24 hours trading volume up by over 201%. Notably, YFII has a relatively small market cap below $73 million.

Nonetheless, YFII was not the only altcoin that suffered manipulation within the last 24 hours. The supposedly dead shitcoin SNM gained over 5000% within a 24-hour window, pushing its price from $0.19 to over $13. However, the coin has crumbled to below $1.4 at press time.

SNM/BUSD 1-Hour Trading Chart (Source: Binance)

Some crypto enthusiasts have blamed Binance for not delisting the coin on its exchange. Collin Wu’s media believe Binance is the only significant crypto exchange where the token was tradable.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post Crypto Whales Manipulate the Prices of YFII, SNM, Making over $7M appeared first on Coin Edition.

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Crypto Whales Manipulate the Prices of YFII, SNM, Making over $7M
 

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