activity

Bybit CEO responds to OIK dumping allegations: will not sell off activity budget for profit, accepts audits from any regulatory authority

ChainCatcher news, Bybit CEO Ben Zhou responded to the concerns regarding the Launchpool project OIK token dump: "The budget for OIK's launchpool activity was a total of 10 million tokens provided by the project party, of which 3.3 million have been distributed, with over 90,000 users participating in the activity. The launchpool is still ongoing and will conclude on March 19, with 5.7 million tokens yet to be distributed.Bybit has never sold off activity budgets for profit; such market manipulation has serious legal consequences, and the budget is all in hot wallets, which can be audited by any regulatory authority. Currently, it appears that there are indeed large holders selling OIK in the market, and the compliance department is investigating the specific details. In the future, we are considering allowing the community to have a more direct view of our budget situation by using independent wallets to receive project budgets, enabling the community to see everything transparently."It is reported that previously some community users raised concerns: "It is inferred that Bybit is using its own Launchpool as a cash machine. The TGE of SpaceNation, which has been built for a year, was a failure. However, over the past three days, the community has gone from outrage to resentment to questioning and investigation, and has collected some evidence. A community sold less than 5% of the project, yet the project party absorbed an abnormal circulation volume within 30 minutes of the opening."

Santiment: Cautious market sentiment may continue to dominate before a significant increase in trading activity

ChainCatcher news, according to Santiment analysis, since peaking on February 27, the trading volume across the cryptocurrency market has been steadily declining. After further declines in market capitalization over the past two weeks, trader behavior shows a mix of fatigue, despair, and capitulation.The report analyzes that when the trading volume of major cryptocurrencies continues to decline, even during slight price recoveries (as seen on Wednesday), it usually indicates that trader enthusiasm is waning. In this scenario, traders become cautious, suggesting they may not believe the current price increase will be sustained. Essentially, the decrease in trading activity reflects uncertainty, as fewer traders are confident that buying at current price levels will yield profits.The weakening trading volume during a mild price rebound could be an early warning sign of diminishing market momentum. Without strong buying participation, price gains may quickly lose momentum due to a lack of sufficient support to maintain an upward trend, which could lead to any rebound being temporary, with prices susceptible to decline again.To show a healthier and more sustainable recovery, bulls typically hope to see both price increases and trading volume rising simultaneously. Cautious market sentiment may continue to dominate until there is a significant increase in trading activity.
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