Bitget's Trading Volume of VOXEL Token Surpasses Bitcoin's Trading Volume

Something strange is going on at Bitget. The trading volume of a small token called VOXEL suddenly shot up and even crossed Bitcoin's trading volume

A small token called VOXEL has suddenly become the hottest token on Bitget, with its futures contract hitting $12.7 billion in volume in 24 hours.

This crossed the total trading volume of Bitcoin on the platform, whose futures contracts reached around $4.76 billion in the same period.

For context, the entire cryptocurrency market cap is at $1.24 trillion, while Bitcoin's market cap is around $716 billion.

The crazy spike in VOXEL’s trading volume has left a lot of people in the crypto scene confused, with some thinking it could be a glitch in Bitget’s trading bot and others believing it might be market manipulation.

However, Xie Jiayin from Bitget said on Twitter that they’ve noticed the abnormal trading behavior of the VOXEL/USDT pair and are investigating it.

“We will keep you updated on the progress. Meanwhile, the platform’s trading, deposit, and withdrawal functions are operating as usual. Some users may be subject to risk-control measures during the investigation. If you have any questions, please contact our online customer service via the app,” said the exchange.

The statement comes after several members of the crypto community took note of the unusual trading volume on Bitget.

Notably, the trading volume of VOXEL / USDT futures contracts on the exchange went as high as $12.7 billion in 24 hours, while the total trading volume on Bitget was around $16.4 billion.

In comparison, Bitcoin’s futures contracts on the exchange saw a 24-hour volume of around $4.76 billion.

Moreover, the trading volume of the VOXEL / USDT spot pair on Bitget was around $400 million in 24 hours.

The token’s market cap is around $21.8 million, while its 24-hour volume was over $400 million at the time of writing.

Ash Crypto, an analyst, also warned people about the token, writing on X: “This is the new level of manipulation. $VOXEL market cap = $15M but more than $700 million volume in futures. First $AERGO, now this. Please be careful.”

This is the new level of manipulation $VOXEL market cap = $15M but morethan $700 Million volume in futures.First $AERGO now this, please be careful pic.twitter.com/gOS0ncih83— Ash (bearish vibes) (@AshWnr) October 25, 2023

Those who don’t know, VOXEL is the token for a game called Voxie Tactics. It’s a free-to-play 3D turn-based RPG with old-school vibes but modern gameplay. The game has two modes: Exploration and Battling.

In Exploration mode, players can travel across the world, meet characters, and complete quests to earn rewards. Meanwhile, Battling mode is where players can engage in tactical turn-based combat against other players or AI opponents.

The game is available on PC (Windows, Mac, and Linux) and mobile devices (iOS and Android). It’s also being developed for consoles like PlayStation 5 and Xbox Series X.