$NIGHT surged 24% with trading volume reaching $5.03 billion, despite the general weakness in the security sector, fueled by the massive 4.5 billion token airdrop.
🔹 The trading volume to market capitalization ratio reached an astonishing 372%, signaling extremely high speculative intensity. Binance $1.16 billion dominated trading activity, accounting for over 90% of the total volume.
🔸 Despite the price increase, funding fees remained negative, suggesting short sellers are trying to counteract the trend. However, they are suffering heavy losses, with $1.61 million liquidated from short position compared to only $418,000 for long position.
🔹 While the price is rising, the number of holder has decreased from 6,800 to 6,200. Most alarmingly, 10 wallets control 94.13% of the supply, leaving only 5.87% for retail investor.
With 94% of the supply in the hands of just 10 people, is this price surge a genuine price correction or merely a liquidity generating event to allow insider to dump their holding on retail investor?
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