Bounce Brand: Non-Participation in AUCTION Price Manipulation

BlockBeats News, March 23rd, the Bounce Brand team issued a statement in response to recent concerns about the AUCTION price fluctuation, clarifying that the team did not engage in any price manipulation activities. Over the past few weeks, an unknown party has accumulated over 20% of the total AUCTION supply, and their on-chain transaction activity has attracted widespread attention, significantly impacting AUCTION's price.

AUCTION's trading volume on major exchanges surged—Binance spot trading volume exceeded $200 million, and AUCTION futures became the third-largest trading pair following BTC and ETH. Upbit's spot trading volume surpassed $500 million, outpacing BTC for multiple consecutive days. The significant price premium on Upbit led to a large-scale withdrawal of AUCTION from major exchanges for arbitrage trading.

To help stabilize market liquidity, the team has been actively providing liquidity support on multiple exchanges. Furthermore, the team voluntarily locked up around 1.5 million AUCTION from the treasury and team allocation.