#VIC Surrounding continuous rise 'crazy surge', contract whales 'stirring up trouble', the crazy truth of the fee soaring by 4000%!
VIC has shown crazy performance recently, with a 60% increase in 24 hours, doubling in a week and closing with gains for four consecutive weeks, raising doubts about 'meme coins'. Analyzing trading data reveals that this round of market movement is driven by contract market whales ramping up leverage, with an influx of $26 million in a day, and the open interest surging by 550% to a historic high of $152 million, while spot purchases are only $340,000, making the market dominated by derivatives, showing characteristics of irrational speculation.
In this situation, shorts were liquidated for $9.9 million overnight, as longs pushed higher. Community sentiment is extremely optimistic, with 81% betting on continued rises. After the on-chain issues were fixed, trading volume surged, and fees skyrocketed by 4000%, making market speculation like a gambling game.
The inducement for this market movement is that VIC has low circulation and high fees, providing an operating environment for speculators. Current entrants are betting on the continuation of the trend, but the highly leveraged market is fragile; a spike could lead to total liquidation. Participating in such a market requires high vigilance and careful risk assessment.
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