VOXEL crypto falls to $0.06 after 200% meteoric surge

The gaming token from Voxies, VOXEL crypto, has fallen far from its 200% peak. The token is currently trading hands at $0.06, more than 50% below its previous high.

According to data from CoinGecko, the native utility token of tactical RPG Voxie Tactics, has gone up by 4.4% in the past 24 hours. Its current price sits at $0.069, a far cry from its previous monthly high which stood at $0.13 just three days prior.

Voxie Tactics’ token currently has a market cap of $16.3 million, declining by more than $10 million from its peak at $27 million. Its 24-hour trading volume has also fallen by 40.9% to $49.8 million. Just three days ago, the token managed to reach a staggering daily trading volume of $463.44 million. VOXEL’s trading volume even managed to surpass that of Bitcoin (BTC), the largest cryptocurrency on the market.

Even though the token has not seen much action in recent days, it still bears remnants of its recent high. In the past week, the VOXEL crypto has gone up by 208.9%. This was largely due to the surge in price that occurred on April 20.

On April 20, VOXEL crypto skyrocketed by more than 200% within just 30 minutes of trading. It reached a peak price of $13 from a low of $0.04. This miraculous awakening seemed unprompted as the token had recently hit an all-time low of $0.02 on April 17.

Crypto analyst Ash Crypto noted the sudden surge in VOXEL’s price and trading volume. The analyst highlighted the fact that there was a significant gap between VOXEL’s market cap and its trading volume in futures.

At the time, VOXEL’s market cap stood at $27 million while its futures trading volume jumped as high as $700 million. Ash speculated there was market manipulation involved with the gaming token.

Bitget to compensate users affected by VOXEL crypto trading

Crypto exchange Bitget flagged the VOXEL/USDT (USDT) contract trading pair as suspicious due to abnormal trading patterns detected on the platform. The crypto exchange said that it would investigate the matter and announce further details. The firm also proceeded to suspend trading for the VOXEL/USDT contract and froze a number of accounts involved in the abnormal activity.

On April 22, Bitget declared that it would begin compensating users who were impacted by what they viewed as a trading glitch related to the VOXEL/USDT perpetual contracts.

VOXEL crypto is the native token of Voxie Tactics, a free-to-play tactical RPG, which runs on the Polygon (POL) blockchain. VOXEL functions as both a utility token and in-game currency, which players can use to purchase weapons, armor and other items within the game.