Why did GPS drop significantly?↓↓↓↓↓
Market Maker Sell-off: Binance's official investigation found that a certain market maker sold approximately 70 million GPS during this period and did not place any buy orders, causing the price to drop quickly from 0.15 to 0.0575. This market maker is alleged to be GSR, reportedly profiting around 5 million USD from this operation.
Retail investors may feel that this behavior intensifies market panic. Market Depth Insufficiency: GPS's 24-hour trading volume reached 631 million USD, indicating a decent market interest, but the market depth is too poor; once a large sell order is placed, the price collapses rapidly.
Sentiment and Speculation: The GPS team or whales may take advantage of the hype from listing on Binance to unload their holdings, further exacerbating the price drop.
Short-term Observation: The current price of GPS is around 0.049 USD, which may be in an oversold state, but the rebound momentum is insufficient. It is recommended to closely monitor the support level at 0.0432 USD; if it breaks, it may further dip below 0.04 USD.
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