In the past 24 hours, the wider crypto market has experienced a slight correction in terms of market capitalization, and in the same frame, the crypto fear and greed index has also mirrored an improvement from 30 recorded on April 19.
Bitcoin, the leader, added 2.72% to its price, and as of writing, it was exchanging hands at $87,443; not only BTC, but a few other memecoins like BOSS, FROG, and TOAD gained huge attention.
However, utility token Voxies has remained in the spotlight. Its prices have increased by 227.22% in the past seven days, and since its launch, they have decreased by 96.79%.
Until publishing, Voxies had been exchanging hands at $0.08033, and its market capitalization is $19.45 million, which is down by 27.42% intraday. Volume fell nearly 35%, reaching $265.15 million.
According to a X post by Wu Blockchain dated April 20, 2025 notes “ Bitget Bot is suspected to have a malfunction. The 24-hour trading volume of VOXEL/USDT contracts exceeds that of BTC. The Bitget responded that it has noticed the relevant abnormal trading behavior and is investigating.”
It further reads, “Bitget responded that it has noticed the relevant abnormal trading behavior and is investigating. Some users may be restricted due to risk control measures. The 24-hour trading volume of VOXEL contracts reached $12.719 billion, far exceeding BTC’s $4.764 billion.”
Is memecoin becoming the most manipulative category?
In the initial days when memecoins came into existence, there was no exact motive for the development; they were only developed as a joke, but with time, the image of meme/joke was eroded by some most preferred memecoins like Dogecoin and Shiba Inu.
However, in the most recent years, the memecoin market has faced severe allegations of pump and dump, including manipulation and others, but the pace of launch of fake memecoins remains the same.
It was reported at the time of the launch of Official Trump that the malicious actors had deployed more than 3,000 memecoin in the name of the president of the United States, Donald Trump, to misguide users and traders seeking to invest in the coin launched by Mr. Trump.
Yet the original memecoin by the U.S president, Official Trump and MELANIA, has faced accusations linked to insider trading and on-chain market manipulation. Some major crypto experts also argue that memecoin is just a waste and does not serve any real-world usage.
Data available on CoinMarketCap notes that in the monthly time frame DABOO adds 1.66k% to its trading price, and NORDO is up by 435%, with SQRL adding 348.75%.
Despite massive growth in price the market capitalization of DABOO is below $300k at $277.92k, NORDO has a cap of $1.8 million, and SQRL has the lowest cap among all three of $127.09k.
After seeing the charts and patterns of all three memecoins, it is argued that the candlestick patterns do not favour the real surge, and there are chances of some bogus activities, like in-house volume manipulation, and others.
