Upbit, known as South Korea’s leading cryptocurrency exchange, raised the alarm about abnormal trading volumes in various altcoins. The coins examined include Polkadot (DOT), Hedera (HBAR), Bitcoin Gold (BTG), Aave (AAVE) and Chiliz (CHZ). Here are the details…
AAVE and these coins attracted attention in South Korea
South Korea’s leading cryptocurrency exchange, Upbit, surprisingly detected abnormal trading volumes in several altcoins, including Polkadot (DOT), Hedera (HBAR), Bitcoin Gold (BTG), Aave (AAVE), and Chiliz (CHZ). Disparities in trading volumes between Upbit and other major exchanges such as Binance have caught the attention of industry experts and traders. Upbit’s 4-hour trading volume chart for Polkadot (DOT) raised eyebrows as it witnessed unprecedented volatility. Average volume of $207,000 jumped to $466,000, marking a staggering increase of 125.68%. A comparative analysis with Binance revealed a more modest increase of 34.37%, raising questions about the factors contributing to this significant difference.
On the 1-hour chart, Hedera (HBAR) experienced an abnormal increase in trading volume on Upbit. Average hourly volume of $3 million increased to $9 million, marking a significant increase of 228.24%. An increase was also seen on Binance, although a more conservative 49.39% increase was reported. The reasons behind these disparities are now under the spotlight. On the other hand, Bitcoin Gold (BTG) showed a spectacular increase in 4-hour trading volume on Upbit. Additionally, Upbit observed a significant increase in Aave’s (AAVE) 1-hour trading volume, rising from an average of $1 million to an impressive $3 million, showing a notable increase of 159.98%. However, Binance, which initially had an hourly volume of $6 million, has seen a slight decrease in the most recently recorded volume.
Traders should be careful
Chiliz (CHZ) also saw a significant increase on the 1-hour chart on Upbit. Average hourly volume jumped from $3 million to $12 million, a significant increase of 301.44%. On Binance, a 32.13% increase was recorded with a more conservative approach, which added to the complexity of the situation.
Unexpected and sharp increases in transaction volumes of these altcoins on Upbit have raised concerns within the cryptocurrency community. Discrepancies between Upbit and other major exchanges have triggered discussions about the underlying reasons for these anomalies. Experts are calling for a comprehensive investigation to uncover the dynamics behind these unprecedented fluctuations in trading volumes, emphasizing the need for caution among traders amid this newfound volatility.
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