Coin Edition -
- The team behind the BRC-20 memecoin RATS share observations regarding the token’s abnormal trade volume spike on Gate.io.
- The team alleged that Gate.io deliberately falsified data, “destroying the market”.
- They called on users to withdraw their coins from the exchange in retaliation.
The team behind BRC-20 memecoin RATS has shared their observations regarding a suspicious spike in the token’s trade volume on the crypto exchange Gate.io, which raised speculation and increased FUD around the project.
In a post shared on its official X page, the memecoin’s team alleges that many factors contributed to the spike on the crypto exchange. Firstly, they claim traders on Gate.io instinctively “prioritized profits” as the trade volume soared.
Furthermore, they claimed that the crypto exchange’s management made decisions based on instincts, which could have increased volatility. The team added that a lack of consensus about the token’s increasing trade volume among experts confused investors.
The team reiterated its commitment to questioning Gate.io’s role in the alleged trade volume manipulation. The recent development follows a noted discrepancy in the token’s trade volume on December 4.
As covered in another post quoting a local news report, the trade volume of RATS on Gate.io exceeded 880 billion on that day. “The community profited from the huge disparity between the volume of transactions and the RATS held by the Gate exchange by extrapolating that the Gate was using data to falsify and smash shares,” the snapshot read.
As noted in the report, Gate officials blamed the trade volume spike on the market volatility that night. However, RATS community members appear unconvinced, alleging that the crypto exchange deliberately falsified the data.
The team tweeted, “The picture below shows the evidence of [Gate.io’s] fake data destroying the market. Let’s unite and take action to maintain the fairness and transparency of the market. Withdraw all the coins you have stored on [Gate.io]!”
The post RATS Team Outlines Findings on Token’s Unusual Volume Spike on Gate.io appeared first on Coin Edition.