After a disastrous 2022, the year 2023 has been marked by a general uptrend for cryptocurrencies, especially in the last quarter following a false ETF rumor that spurred a market recovery. On January 1st, investors were focused on the crypto market, which was rocked by a startling event in the early hours. Additionally, Binance Launchpool coins, which had been making headlines, also experienced a setback.
On December 31st, while the overall market was quiet, TRB coin stood out with a sharp rise around 5 PM Turkey time, soaring from $270 to over $600 in approximately eight hours. This unexpected surge shifted all attention to TRB on a day when most were anticipating Bitcoin‘s annual close.
However, the drama unfolded at midnight, as TRB plummeted within minutes from $600 back down to $226, leaving investors bewildered and frustrated. The drop didn’t stop there; TRB further declined to $120, creating a shockwave among its investors. Despite recovering slightly from its peak to around $208 at the time of writing, the cause of these dramatic movements remains unknown, serving as a stark example of the market’s high volatility and speculation.
Another significant development was the decline in Binance Launchpool tokens, which had been in the spotlight over the past month. Notable drops were seen in NFP, JTO, and ACE, with NFP losing 32% in just four days and an additional 18% in the last 24 hours, trading at $0.79132 and marking one of the biggest losses on Binance. A 49% decrease in 24-hour trade volume indicated waning interest in the altcoin.
JTO, in contrast, had a more positive outlook despite a 16% drop in 24 hours, trading at $1.8447. Interestingly, JTO still managed an 11% increase since its launch and saw a 138% surge in trade volume in the last day. ACE, after peaking at $17, fell sharply to $9.2, a 10.35% decrease in the last 24 hours, yet it also attracted attention with a 91% increase in trade volume, reaching $88 million.
While the reasons behind the Binance Launchpool tokens’ decline are unclear, recent news revealed an issue with NFP’s Web 2 wallet, which the team acknowledged and assured the security of funds.
