TechFlow News, March 23 — Bounce Brand has issued a statement on X addressing recent market concerns regarding price volatility:
"We want to clarify that the team has not engaged in any form of price manipulation. According to our monitoring, over the past several weeks, an unidentified entity has accumulated over 20% of the total AUCTION supply through continuous purchases. These on-chain transfer activities and their resulting price impact have drawn significant market attention. We have observed substantial ripple effects: AUCTION’s spot trading volume on Binance has exceeded $200 million, while in the futures market it has surged to become the third-largest trading pair after BTC and ETH. On Upbit, spot trading volume reached an astonishing $500 million, at one point surpassing Bitcoin's trading volume.
At the same time, we have noticed some unhealthy liquidity conditions: on Binance, the primary price discovery market, the hot wallet holdings of AUCTION have dropped below 10% of the total supply. Lending market annualized interest rates have climbed above 80%, and funding rates have remained abnormally low at -2%. In response, multiple exchanges have implemented risk control measures such as adjusting perpetual contract position limits.
To support market stability, our team has taken proactive steps: we are actively providing liquidity support across multiple exchanges and have voluntarily locked approximately 1.5 million AUCTION tokens from project treasury and team allocations."
