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Santiment: "Refugee trading" emerged after the Kelp incident, SPK token surged 100% in 48 hours
ChainCatcher messages, on-chain analysis platform Santiment posted a tweet stating that six days after the Kelp event outbreak, the market shows clear signs of a “refugee trade.”
Spark token SPK surged from $0.029 to $0.058 within 48 hours, an increase of over 100%. Meanwhile, whale transactions (over $100k) jumped from an average of about 30 per day to 183 today.
In contrast, the AAVE token price continued to decline, currently hovering around $92, even though Bitcoin had broken above $79k earlier this week.
Santiment pointed out that this event is not purely destructive but has led to a redistribution of funds—a liquidity crisis in one protocol has become a bull market for another protocol.
Note: “Refugee trade” is a metaphorical term in the crypto/DeFi space, specifically referring to the phenomenon where funds flee en masse from damaged or high-risk protocols to relatively safer, lower-risk protocols.