PANews reported on March 23 that Bounce Brand posted on X platform, hoping to clarify the community's concerns about AUCTION price fluctuations. It needs to be emphasized that the team has not participated in any AUCTION token price manipulation. In the past few weeks, some unknown parties have accumulated more than 20% of the total AUCTION supply, and their on-chain transfer activities and impact on AUCTION prices have attracted widespread attention, leading to:

1. AUCTION trading volume surged on major exchanges, with Binance spot trading volume exceeding $200 million, and AUCTION futures becoming the third-largest trading pair after BTC and ETH;

2. Upbit spot trading volume broke through $500 million, continuously surpassing BTC for several days. Upbit's significant price premium led to large-scale AUCTION withdrawals from major exchanges to obtain arbitrage opportunities.

Additionally, some unhealthy market conditions and liquidity imbalances:

1. Binance, the primary price discovery market, has seen its hot wallet holdings drop to less than 10% of the total supply;

2. Borrowing rates have consistently been over 80%, with financing rates maintained at -2% for multiple periods;

3. Major exchanges have adjusted perpetual contract position limits and risk control measures.

To help stabilize market liquidity, Bounce Brand has been actively providing liquidity support for multiple exchanges. Furthermore, the team has voluntarily locked approximately 1.5 million AUCTION tokens from funding and team allocations.