Launch Coin on Believe (LAUNCHCOIN) price surged nearly 60% in early trading on Tuesday, with the altcoin’s sudden pump leading to significant losses for shorts.
The token’s rapid price increase also triggered a cascade of liquidations, with on-chain data showing a liquidity provider suffered losses of over $4 million.
Cryptocurrencies like Worldcoin and MYX Finance are riding bullish news to top gainers charts over the past 24 hours. Meanwhile, small cap token LAUNCHCOIN is also attracting social chatter.
As noted, the Launch Coin on Believe price experienced a sharp price surge amid a nearly 60% spike. Trading around $0.076 in early deals during the Asian session, LAUNCHCOIN suddenly pumped to $0.132.
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This sudden jump accounted for a 60% rise that hit many traders betting on a continued consolidation or downturn.
With intense buying pressure, driven by speculative trading and potential market manipulation, LAUNCHCOIN saw its daily trading volume skyrocket.
According to CoinGecko, the rapid ascent pushed volume on centralized crypto exchanges such as LBank and Bitget 540% up, and stood around $255 million in 24 hours.
The more than fourfold increase in volume from the day before attests to the sharp uptick in market activity.
While buyers celebrated the meteoric price surge, LAUNCHCOIN’s gains saw a notable market player suffer significant losses.
According to analytics account Lookonchain, a wallet linked to the market maker GSR suffered one of the biggest losses as the token’s price rose.
The wallet, shown to have been hedging a short position on LAUNCHCOIN, was fully liquidated. It meant a loss equivalent to $4 million as GRS Market’s other positions saw a cascade of liquidations on decentralized exchange Hyperliquid.
As liquidation on LAUNCHCOIN’s gains hit the leveraged positions betting against a price increase, other positions too were wiped out. Lookonchain notes GRS Market’s other short positions caught in the carnage included Mantle, Popcat, Chainlink and Lido DAO.
“The liquidation of #GSRMarkets’ short position triggered a domino effect, wiping out their other shorts on $MNT, $POPCAT, $LINK, and $LDO, and zeroing out the account,” Lookonchain posted.
LAUNCHCOIN’s price currently hovers around $0.091, slightly off its intraday high. The $0.08 level, above which bulls took charge for the spike, is likely to be critical if price falls further.
As LAUNCHCOIN looks for a decisive move, analysts say the event highlights how the cryptocurrency trading market can offer opportunity but also be a brutal arena with fortunes shifting in an instant.
The post LAUNCHCOIN price pump leads to $4m loss for crypto trading firm appeared first on CoinJournal.
LAUNCHCOIN price pump leads to $4m loss for crypto trading firm
Source: https://coinjournal.net/news/launchcoin-price-pump-leads-to-4m-loss-for-crypto-trading-firm/
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