How is this market still being played? Perhaps the next big hit will be your account!
Following OM, $AERGO has become another typical case of “skyrocketing and plummeting.”
In just one week, its price soared from 0.05 to 0.7, an increase of up to 14 times; then, within 12 hours, it plummeted to 0.1 USD, a drop of 85%, causing an uproar in the market and dissatisfaction in the community.
AERGO was developed by the South Korean company Blocko and has long been on the fringes of the market.
At the end of March, Binance delisted its spot trading pairs citing “insufficient liquidity,” and the price once fell to 0.04. However, in less than three weeks, Binance suddenly launched AERGO perpetual contracts, supporting up to 15 times leverage. A large influx of funds drove the price to skyrocket and then quickly be cut in half.
This crash raised questions about the accuracy of Binance's data. The community found that Binance showed AERGO's circulating market value as only 30 million, but if calculated based on a circulating supply of 477 million coins and a unit price of 0.22, the market value should exceed 100 million USD. Data from several exchanges corroborated this, with only Binance's data being noticeably low, leading to accusations of “misleading investors.”
The controversy also lies in the fact that the AERGO team claims to have no knowledge of the contract launch and did not participate in the trading, calling for the restoration of spot trading to stabilize the market. However, due to a DDoS attack on the official website, the statement was delayed, further undermining community trust.
Investors criticized Binance for “secretly launching contracts after delisting spot trading,” using alternating releases of bad and good news to “harvest the market.” Netizens mocked Binance for data errors and even questioned whether this was a “premeditated baiting trap.” The severe fluctuations of AERGO exposed the high instability of the crypto market and the serious flaws in centralized trading platforms regarding information disclosure and data transparency, with the crisis of investor trust continuing to escalate.
