TenX (PAY) recorded huge spikes in prices, trading at $1.31 on Tuesday. The price rose 50.89% overnight. There seem to be no particular explanation to the trading momentum. The price has more than doubled over the last two weeks.
The company also reported increase in trading volumes, with the numbers hitting $68, which was first recorded in December last year. PAY prices have dropped by half since December when the sector was having a boom.
Price movement is irregular
The most worrying is Bithumb, which currently is not offering PAY price calculations. The exchange had suspended its activities meaning no new PAY was deposited. Because of the low supply, prices rose to as high as $9.
On Korea’s crypto-only exchange, KuCoin the price has also been rising and currently stands at $1.33. On smaller markets that have low liquidity, the price shocks were never realized. The price remained at $1.02.
Different assets follow different trading patterns in Korea. However, for the case of PAY, the anomaly may be corrected soon. Analysts have predicted that prices will fall after deposits are opened. Bithumb has been resuming many of its services that were suspended following the hack.
This is not a price recovery
What is happening with PAY is not a price recovery or a bull market. This is because it is not supported with any news. What is happening with PAY may well be referred to as price inflation. This inflation may become more intense in the coming days.
The only news that this shift is riding on is the possible partnership with banking and financial institutions. The relationship will enable the project to launch crypto-based cards. There have been a lot of partnerships between players in both the cryptocurrency and mainstream financial sectors. A few days before the price hike, a Reddit user posted that TenX has ran out of time and the project as well as the token may have been abandoned.
The project is composed of a small community and no word has come from the team for a long time. This has raised questions about the value of PAY.