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But the red flag signals of a pump-and-dump are very strong:
Price surged over 380% in 7 days to an ATH of $5.40, with a 920% increase in 30 days — driven by leveraged derivatives, not organic spot accumulation (CryptoTicker)
Open Interest jumped to nearly $200 million, derivatives volume up 190%+ — daily RSI above 93 (extreme overbought), signaling momentum is nearly exhausted (CryptoTicker)
Significant positive spot netflow data (~$2.8 million) — meaning early holders & large wallets are moving tokens to exchanges to distribute to late-stage retail buyers
The article even directly compares it to the Rave DAO $RAVE case — another entertainment project that pumped thousands of percent then collapsed due to thin order books and extreme token concentration in a few wallets
Now (per the latest CoinGecko): price has already dropped 79.70% from its ATH, and the community is bearish today #SKHynixTopsKOSPIByMarketCap