A significant market disruption occurred in the cryptocurrency space when a tweet appeared on Vivek Ramaswamy’s account claiming a strategic partnership between DOGE (Department Of Government Efficiency) and the USUAL token.
The situation quickly evolved into a suspected security breach when the tweet was hastily deleted, prompting widespread speculation about unauthorized access to Ramaswamy’s account.
The market’s immediate reaction to this false announcement was dramatic, with the USUAL token experiencing a sharp 32% increase in value, reaching a peak of 1.642 USDT before experiencing an equally rapid decline.
The incident highlights the cryptocurrency market’s sensitivity to news announcements, even those that later prove to be unauthorized or fraudulent.
Market Data and Trading Activity
The impact of this incident on trading volumes and market valuations has been substantial. USUAL’s trading volume surged to an impressive $1,544,856,498 over 24 hours, demonstrating the intense market activity triggered by the false announcement.
The token’s price settled at approximately $1.53, maintaining a 31.41% increase over the 24-hour period despite the revelation of the tweet’s suspicious nature.
With a circulating supply of 450 Million USUAL tokens, the project’s market capitalization reached $694,320,944.
The price action represents a significant market movement, particularly noteworthy given that it was triggered by what appears to be unauthorized account access rather than legitimate corporate development.
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Impact on DOGE Token and Market Response
The Department Of Government Efficiency (DOGE) token, the other party in the purported partnership, experienced contrasting market movements following the incident.
D.O.G.E’s price declined by 7.94% over 24 hours, trading at $0.1096 with a more modest trading volume of $13,868,437.
The token’s market performance over the past week has been particularly challenging, showing a substantial decline of 42.42%.
With a circulating supply of 980 Million DOGE tokens, the project’s market capitalization stood at $107,460,857.
The divergent price action between USUAL and DOGE suggests that market participants responded differently to the two tokens involved in the false announcement, potentially indicating varying levels of market sentiment and trading strategies.
Security Implications and Industry Response
The incident has drawn attention from prominent figures in the cryptocurrency community, including well-known KOL (Key Opinion Leader) Cobie, who publicly suggested that Ramaswamy’s account had likely been compromised.
The event serves as a stark reminder of the cryptocurrency market’s vulnerability to social media manipulation and the critical importance of account security for high-profile individuals in the space.
The quick deletion of the tweet and subsequent market corrections demonstrate both the speed at which such incidents can unfold and the market’s ability to ultimately recognize and respond to fraudulent information.
Also Read: Ethereum Investor Scoops Up 1.58 Million D.O.G.E in 121 ETH Transaction