AKE jumps 65% with no confirmed catalyst as 99.8% of volume flagged as wash trading
- —AKE rose 64.66% in 24 hours to $0.0255, but remains 39.6% below its September 2 high of $0.0426
- —99.8% of AKE transfer volume is flagged as wash trading, with only 10 clean transfers out of 20,000
- —Turnover was $60.8 million against a $584.7 million market cap; legitimate volume is about $9.21 million
- —All top wallets were created on the same day and send funds to a Gate.io deposit address
Why it matters: The price rally is not backed by real demand: with wash trading dominating and a low free float, the risk of a sharp reversal lower is high.
Source: Coincu