"Chubby finger" suspicion in PayPal's stable coin: It suddenly increased 5 times

There was a remarkable voluation in the price of PayPal USD (PYUSD) in the evening. The price on the OKX exchange increased by 5 times in minutes and became 5 dollars. While the token was falling at the same speed, the "chubby finger" error came to mind.

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PYUSD, PayPal's stablecoin equivalent to the US Dollar, came to the fore with a surprising price movement on the OKX exchange. PYUSD, which traded from 1 dollar at 21.50, increased by 400 percent in minutes to 5 dollars. After this fast exit, the token fell at the same speed and fell back to $1.

During the price movement, the transaction volume of over 1 million dollars was realized.

This sudden rise and fall brought to mind the possibility of a bug known as a “fat finger” in the market. It is thought that a false purchase order, especially in large quantities, may have increased the price so quickly.

Such events can occur from time to time, especially in low-liid trading pairs or algorithmic trading platforms. However, this time, while PYUSD is expected to be a stablecoin and its price is generally expected to remain around 1 dollar, this sudden rise surprised investors.