ARIA Token Faces Second Significant Drop in a Week
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The ARIA token, associated with the gaming platform Aria, has seen a staggering decline for the second time within just a week. Following its peak on April 14, when it reached an all-time high of $1.12, the cryptocurrency plummeted to a low of $0.09, effectively losing over 90% of its value.
Despite a brief recovery to approximately $0.11, the token still reflected an 86% drop in just 24 hours, as confirmed by Coingecko. This latest downturn came mere days after a previous crash which witnessed the token’s value tumble more than 80% on April 9.
The recent volatility has taken a toll on ARIA’s market capitalization, which diminished from a high of $215 million on Monday to just $20.8 million following the crash. Reports indicated that the volatility on Wednesday surpassed 115.51%, leading to liquidations exceeding $11.9 million. Among these, over $7.1 million comprised long positions, with the most significant single liquidation noted at $407,852.
Concerns surrounding potential market manipulation have intensified as users on social media have alleged that eight wallets collectively dumped 45.64 million ARIA tokens, which triggered the sudden decrease in price. It was suggested that these tokens were sold for 5.42 million USDT, raising fears of a pump-and-dump scenario.
Previously, the ARIA token faced a similarly dramatic fall when it dropped from an all-time high of $0.78 to $0.11 within an hour, igniting discussions regarding the integrity of the gaming platform’s code. The auditing service, Sentinacle, expressed caution, arguing that without published code, the asset remains largely unknown to investors.
The allegations of price manipulation, paired with the token’s significant fluctuations, are prompting further scrutiny of trading practices. Reports emerged that certain exchanges might be restricting traders from engaging in short selling during the token’s downturn or from taking long positions during its recovery.
As the situation unfolds, the implications of these events resonate deeply within the crypto market, sparking discussions about the stability and reliability of emerging tokens like ARIA.
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Gregory Russell
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