Upbit, renowned as South Korea’s leading cryptocurrency exchange, has raised alarms regarding abnormal trading volumes in various altcoins. Among the coins under scrutiny are Polkadot (DOT), Hedera (HBAR), Bitcoin Gold (BTG), Aave (AAVE), and Chiliz (CHZ).
Notable irregularities have been spotted in the 4-hour trading volume chart of Polkadot (DOT) on Upbit. While the average volume stood at $207,000 USD, the latest recorded volume surged remarkably to $466,000 USD, marking a staggering 125.68% increase. Comparatively, Binance, another major exchange, witnessed a rise from $947,000 USD to over $1 million USD in recent recorded volume, indicating a 34.37% increase.
Hedera (HBAR) also experienced abnormal trading volume within the 1-hour chart. On Upbit, the average hourly volume hovered around $3 million USD, yet the latest recorded volume soared to $9 million USD, exhibiting a significant spike of 228.24%. Similarly, Binance showcased an increase from an average of $5 million USD to $8 million USD in the most recent recorded volume, marking a 49.39% rise.
The surge wasn’t limited to just Polkadot and Hedera. Bitcoin Gold (BTG) displayed an extraordinary spike as well. On Upbit, the average 4-hour trading volume was $168,000 USD, shooting up remarkably to $650,000 USD, an increase of 286.81%. Interestingly, Binance reported a decline in volume, dropping from an average of $29,000 USD to $19,000 USD in the last recorded period.
Aave (AAVE) demonstrated a substantial surge in the 1-hour trading volume on Upbit, escalating from an average of $1 million USD to a staggering $3 million USD, reflecting a remarkable surge of 159.98%. However, on Binance, the volume initially stood at $6 million USD per hour, with a slight decrease in the most recent recorded volume.
Chiliz (CHZ) also experienced a significant surge in the 1-hour chart. On Upbit, the average hourly volume was $3 million USD, escalating drastically to $12 million USD, showcasing a substantial surge of 301.44%. On Binance, the average hourly volume was reported at $4 million USD, witnessing an increase to $5 million USD in the most recent recorded volume, marking a 32.13% rise.
The unexpected and sharp increases in trading volumes for these altcoins on Upbit have raised concerns and prompted further scrutiny from industry experts and traders. The variations observed between Upbit and other major exchanges like Binance have triggered discussions about the underlying causes behind these anomalies. Experts suggest a need for thorough investigation to understand the dynamics behind these unprecedented fluctuations in trading volumes, urging caution among traders amidst this volatility.
Source: https://azcoinnews.com/unusual-surge-in-trading-volume-detected-for-several-altcoins-on-upbit-south-koreas-largest-cryptocurrency-exchange.html
