Bounce Brand: The team has not engaged in any form of AUCTION price manipulation
ChainCatcher message, Bounce Brand responded on the X platform regarding the recent market attention on price fluctuations:"It is important to clarify that the team has not engaged in any form of price manipulation. According to the team's monitoring, over the past few weeks, an unknown entity has accumulated more than 20% of the total supply of AUCTION through continuous on-chain transfers. These on-chain transfer activities and their resulting price impacts have attracted widespread market attention. We have observed that this move has created a significant chain reaction in the market: the spot trading volume of AUCTION on Binance has exceeded $200 million, and the futures market has surged to become the third-largest trading pair, only behind BTC and ETH. On Upbit, the spot trading volume has reached an astonishing level of $500 million, temporarily surpassing the trading scale of Bitcoin.At the same time, we have noticed some unhealthy liquidity conditions in the market: as the primary price discovery market, Binance's hot wallet holdings of AUCTION have fallen below 10% of the total supply. The annualized interest rate in the lending market has climbed above 80%, and the funding rate has consistently maintained an abnormal level of -2%. In response, several exchanges have implemented risk control measures, such as adjusting perpetual contract position limits.To maintain market stability, our team has taken proactive actions: on one hand, we are actively providing liquidity support on multiple exchanges, and on the other hand, we have voluntarily locked up approximately 1.5 million AUCTION tokens from the project’s inventory and team allocation."
