Has anyone else noticed very suspicious trading of OAX on the exchanges?
For example, take a look at trades on Binance over the last few hours. Every trade is below 200 OAX. Almost all trades are under 60 OAX, or between 150 and 190 OAX. Every trade is a sell.
Watch the market for a few minutes and you will see that a new buy order comes in just slightly higher than the current higher buy order. Then immediately a sell order matches it exactly.
Makes no sense - why are the orders so similar, and why is someone waiting to sell 150 OAX at 0.0012929 when they could sell for 0.0012925 immediately? Seems like market manipulation.
Hello hengar,
Thank you. Interesting observation. I will take a view and try to understand.
"Why is someone waiting to sell 150 OAX at 0.0012929 when they could sell for 0.0012925" - it seems the first price is higher than second.
Anyway I haven't my opinion on this situation. Should be researched and only then any conclusions can be made.
The official position of the OAX Foundation is not to comment on secondary markets.
In that example, yes the price of 0.0012929 is higher but than 0.0012925, but only very slightly. When the lowest sell order is at ~0.0014 price, then there is quite a big margin between buy and sell orders. So it does not make sense that someone would wait for the buy order to increase such a small amount, and then within 10 seconds of the buy order appearing to match it.
Of course, if it happens a few times, it is not suspicious but it is happening on almost every trade. Take a look at the last trades:
https://i.imgur.com/lcjSHhH.pngEvery single one below 200 OAX, and an immediate sell as soon as a small buy order appears just above the buy price.
BTW, I am not blaming OAX here. It could be price manipulation from bagholders, or something suspicious on Binance. But either way, this is the biggest exchange for OAX, and it doesn't inspire much trust. (Which in itself is the very reason a DEX project OAX exists of course
)
