Mid-September last time, this AI & Gaming coin on the BNB Chain briefly went wild, surging by ~300% in a week and reaching an all-time high price in the range of $0.1467 - $0.1640. However, the current price of $AKE has since corrected deeply and is now parked around $0.030 - $0.033
Two weeks ago (around September 21-23), there was a scheduled massive token unlock of 2.11 billion AKE tokens (equivalent to roughly $127 million at that time)
The whales took advantage of the 300% rally before the unlock date to lure retail investors in (distribution). Once the new supply started flowing into the market, the structural sell pressure from early token holders immediately slammed the order book, sending the price free-falling.
Even though the spot price has dropped from the peak, there are metrics in the derivatives market that are extremely abnormal.
Perps vs Spot Volume Ratio: The turnover in the Futures market is 86 times higher than in the Spot market. This indicates that the coin is now purely an arena for massive bot battles and leverage traders. As long as Open Interest stays this high, the whales will not allow the price to move normally—they will continue aggressively shaking the price up and down in order to liquidate both Long and Short retail positions.
Two weeks ago (around September 21-23), there was a scheduled massive token unlock of 2.11 billion AKE tokens (equivalent to roughly $127 million at that time)
The whales took advantage of the 300% rally before the unlock date to lure retail investors in (distribution). Once the new supply started flowing into the market, the structural sell pressure from early token holders immediately slammed the order book, sending the price free-falling.
Even though the spot price has dropped from the peak, there are metrics in the derivatives market that are extremely abnormal.
Perps vs Spot Volume Ratio: The turnover in the Futures market is 86 times higher than in the Spot market. This indicates that the coin is now purely an arena for massive bot battles and leverage traders. As long as Open Interest stays this high, the whales will not allow the price to move normally—they will continue aggressively shaking the price up and down in order to liquidate both Long and Short retail positions.