Bittime - The price of Bitcoin (BTC), which had just broken a record at $69,324, was followed by a sharp decline, throwing the crypto market into chaos. According to HsakaTrades analysts, this volatility is caused by “whales,” owners of large amounts of crypto, who place sell orders strategically.
This tactic, called “spoofing,” aims to trigger panic selling from small investors, so that whales can buy back their assets at lower prices. This cunning method of theirs shows the huge influence they have, causing a rapid change in market sentiment.
Check Today's Crypto Market:
Myro (MYRO) Against the Whale
In stark contrast to Bitcoin's situation, the meme coin Myro (MYRO) is actually bucking the trend of market manipulation. While meme coins often experience wild fluctuations, Myro surged more than 50% amid the chaos. This bullish trend is driven by the planned listing of their USDT-M perpetual contract on Binance, a large exchange.
Binance's official announcement has sparked investor interest, potentially causing major changes in the market.
Also read: What is Myro (MYRO)? Aspiring Meme Coin
Whales and the Art of Spoofing
These “whales” use a cheating strategy called “spoofing.” By placing large sell orders on the exchange without actually selling, they create the illusion of a sell-off. This triggers panic selling from inexperienced investors, causing prices to fall.
Once prices fall, whales step in and buy back their assets at lower prices. These manipulative tactics demonstrate the great power of whales to influence market sentiment and cause rapid price fluctuations.
Also read: What is a Whale in Cryptocurrency?
Myro's Unexpected Rise
While most meme coins succumbed to market volatility, Myro exceeded expectations. The upcoming listing on Binance has pushed its price to new highs, a stark contrast to other meme coins that have seen significant losses.
This abnormality highlights the speculative nature of meme coins, which are heavily influenced by news and investor sentiment. Myro's strong performance reflects the unwavering optimism that persists in certain segments of the crypto market.
Also Read How To Buy Crypto:
Dealing with Volatile Markets
With the market bracing for continued volatility, especially in meme tokens such as Dogwifhat (WIF) which anticipate listing on major exchanges, investors should exercise caution.
The phenomenon of "buy rumours, sell news" can cause sudden price changes.
Current Price of Myro (MYRO).
According to Market Bittime.com when this article was written, the price of MYRO to IDR was at Rp. 6,270 with a price increase over the last 24 hours of +36.66%
Even though Myro is currently in a positive trend, the 14-day RSI of close to 70 could indicate potential overbought. Not to mention the potential for whale correction and manipulation which remains a threat.
Check Crypto Prices Today:
Caution Required
The current situation, characterized by whale manipulation and Myro's unpredictable resilience, illustrates the complexity and uncertainty of cryptocurrency investing.
Both experienced and novice investors should navigate this volatile market carefully, observing market trends and having a deep understanding of fundamental factors to develop the right investment strategy.
Also Read Understanding Fundamental Analysis and Technical Analysis in the Crypto World
How to Buy Myro (MYRO) on Bittime
You can buy and sell Myro (MYRO) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Myro (MYRO) is available on Bittime with the market pair MYRO/IDR . To be able to buy MYRO IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Myro (MYRO) on Bittime .
Monitor the price chart movements of Myro (MYRO), Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Read Also
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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