A dormant DeFi coin, CTX has caught the attention of a lot of crypto traders due to a sudden increase in trading volume. This has resulted in a very volatile Cryptex Finance price action. By the look of it, the move seems to be an act of whale manipulation.
The native asset of the Cryptex Finance DeFi protocol is changing hands at 1.74 at press time. It has been showing a very negative price action for the past three days. This correction comes after a 240% surge in the weekend.
While the exact cause of the surge can’t be determined, such sudden moves are often a result of market manipulation. Whales and market makers pump the price quickly to lure new investors into buying. However, they immediately dump at high prices to capture the exit liquidity.
This pump and dump is visible on the following chart. You can see that the Cryptex Finance (CTX) price has tanked 48% in the past 3 days and the bulls are nowhere to be found. I won’t be surprised if the price retests the 200 MA around $1.11 in the coming days.