Cybria token skyrockets with an astounding 680% surge in just 24 hours
The price of CYBA, the native token of Cybria, experienced a remarkable surge in 24-hour trading, skyrocketing by over 680% from less than $0.0005 per token to $0.0045.
When the trading volume of a token increases by 15,000% in just one day, it can raise suspicions.
On December 13th, this was the case for CYBA, a utility token that presents itself as an enhancement to scalability and security on the Ethereum blockchain, which was founded in September 2023.
Cybria positions itself as a layer two platform for Ethereum, offering faster and more cost-effective transactions while still benefiting from Ethereum’s security. The project claims to utilize AI and cybersecurity tools to enhance network safety and efficiency, making it a so-called “AI coin.” With a current market capitalization of $3 million, a significant portion of which was gained in the past 24 hours, traders appear to be eager for projects related to AI.
Pump and dump schemes, in which traders artificially inflate the price of a cryptocurrency before selling off their holdings for a profit, can also be signaled by large spikes in trading volume, according to analysts.
However, the surge in volume could also be attributed to the growing interest in AI-focused crypto projects, fueled by advancements in technologies like ChatGPT. In this context, CYBA has positioned itself within the hype surrounding the AI sector.
The trading volume over the past 24 hours reached $1.38 million, marking a 15,000% increase compared to the previous day’s volume of $9,250.
Regardless of the cause behind this surge, CYBA holders have witnessed a significant increase in the value of their tokens in just one day. For instance, an investment of $1,000 in CYBA yesterday would now be worth an impressive $6,800.
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