Controversy at Binance: $TROY under monitoring for price manipulation
The crypto community woke up today to an unexpected movement: Binance has placed $TROY under a label of “Under observation” due to alleged cases of price manipulation, which has triggered a dramatic drop in its value. In the last 24 hours, the cryptocurrency has lost more than 27% of its value, plummeting from a daily high of $0.008262 to a low of $0.005015, according to data from the platform.
This marked decline calls into question the stability of $TROY and the confidence of investors. Rumors of suspicious movements in the market for this coin have circulated for weeks, and Binance's decision to officially label it confirms the suspicions. With a volume of 20.25 billion TROY traded in 24 hours, the impact of this decision is reflected not only in the price but also in the overall market sentiment.
Is it a lost cause?
Technical indicators paint a bleak picture. The RSI shows a constant oversold condition, while abrupt volume movements hint at possible attempts at manipulation in the recent past. Although the coin experienced a brief rally, investors seem to be losing confidence quickly, and the short-term outlook is uncertain.
Binance's measure sends a strong message: it will not tolerate projects operating outside ethical standards. However, it also generates criticism for its potential impact on small investors who now face significant losses.
What's next?
With the coin under scrutiny, it is likely that Binance and other major players will closely monitor the movements of $TROY. Will this be the beginning of the end for this cryptocurrency, or will it manage to regain its credibility? Time will tell, but the lesson is clear: the crypto market does not forgive.
