Santiment: "Refugee trading" emerges after the Kelp incident, SPK token surges 100% in 48 hours
According to ChainCatcher, the on-chain analytics platform Santiment tweeted that six days after the Kelp incident broke out, there are clear signs of “refugee trade” emerging in the market.
Spark token SPK surged from $0.029 to $0.058 within 48 hours, an increase of over 100%. Meanwhile, whale transactions (>$100,000) have skyrocketed from a daily average of around 30 to 183 today.
In contrast, the price of AAVE continues to fall and is currently hovering near $92, even though Bitcoin surpassed $79,000 earlier this week.
Santiment pointed out that this event is not simply destructive but has brought about a redistribution of funds— the liquidity crisis of one protocol has turned into a bull market for another.
Note: “refugee trade” is a metaphorical term in the crypto/DeFi sector, referring to the phenomenon where funds, like refugees, flee en masse from damaged or high-risk protocols and migrate to another protocol that is relatively safer and less risky.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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