The Adventure Gold (AGLD) and StormX (STMX) tokens have recently witnessed a huge pump and dump in terms of their value. DeFi^2 (a well-known trader on the prominent crypto exchange Bybit) disclosed this on the 23^rd of July. In addition to this, the trader provided some details regarding the incident. According to the Bybit trader, the 3 top accounts on the crypto exchange’s 24-hour leaderboard have just traded the AGLD token.

All 3 top ranked accounts on the Bybit 24 hr leaderboard right now joined in the last 5 days, only traded AGLD, and made 7 figures profit. The AGLD chart looks like this:

Clearly some bad actors in the market right now- be careful if trading low market cap perps. pic.twitter.com/IYGa7ErgwB

— DeFi^2 (@DefiSquared) July 23, 2023

STM

The Pump and Dump Movements of AGLD Raise Concerns Regarding Market Manipulation

DeFi^2 disclosed that these accounts joined during the recent five days. Apart from that, the trader mentioned that the respective accounts made great efforts to get huge profits. In this respect, the trader added, these accounts made a profit consisting of 7 figures just by trading the respective crypto token. Specifically, they effectively took away a profit of nearly $1.268M. Moreover, DeFi^2 pointed out that this event raises caution for the other traders.

As per the Bybit trader, this event has played a significant role in suddenly pumping the value of the token. As per the chart of the AGLD token shared by the Bybit trader, it jumped up to a great extent and then fell off the peak in terms of its value.

The trader moved on to warn the traders about this event. DeFi^2 asserted that this points toward some malicious people who are at the back of this incident. Furthermore, the Bybit trader also advised them to be very careful while dealing with such a situation. WuBlockchain also elaborated on the respective pump and dump situation.

STMX Also Sees Violent Fluctuation in the Matter of Hours

The blockchain news platform claimed that, following witnessing a pump to more than the $1.4 mark in its value on the 20^th of July, the token sharply fell. As a result of this, it dipped to the $0.76 mark on the 21^st of July. According to the news forum, this may be indicating some kind of market manipulation. Another such token is STMX as it also went through violent fluctuation in the recent hours.

The token once spiked to $0.015. Nonetheless, this was a brief jump. STMX then fell to almost $0.0081. This signifies a dip of nearly 45%. This also raises speculations regarding supposed market manipulation. Upbit, the biggest exchange in South Korea is considered to be the chief force at the back of STMX.