DRIFT fluctuates 364.1% within 24 hours: rapid correction after short squeeze rebound
Bitget Pulse2026/04/08 22:03Volatility Overview
In the past 24 hours, DRIFT's price rebounded from a low of $0.034 to a high of $0.1578, currently trading at $0.0457, with a price swing of 364.1%. The 24-hour trading volume significantly increased to about $23 million, up 7.7% from the previous day, indicating high activity.
Brief Analysis of the Cause of Abnormal Movement
- Short squeeze drove the rebound: Subsequent hacker investigations and wallet activities (such as the attacker wallet transferring 185 SOL, worth around $15,000) triggered short covering, pushing the price sharply up from the lows.
- Recovery plan initiated: Drift Protocol announced its recovery plan, focusing on stabilizing TVL (currently about $237 million, a 58% drop from before the incident), though protocol trading volume and fees remain at zero.
- No new major on-chain whale actions reported; volatility mainly originates from leveraged trading liquidations.
Market Opinions and Outlook
The market sentiment in the community is mainly cautious and panicked, considering the rebound as a “liquidity hunt + dead cat bounce” rather than a true recovery. Whales are panic buying the dip, while retail investors chasing the pump are at risk of being trapped; analysts warn of high leverage risks, focusing on the execution of the recovery plan and Solana Foundation security upgrades (STRIDE program, 24/7 monitoring). The market may continue to fluctuate, with TVL recovery and litigation progress (such as the Gibbs Mura investigation) being key points to watch.
Note: This analysis is automatically generated by AI based on public data and on-chain monitoring and is for informational purposes only.Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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