The INDEX Stage a "Heaven and Earth Needle" Drama, with a Half-Hour Amplitude Exceeding 400%, Market Cap Quickly Falling After Surpassing $65 Million

BlockBeats News, July 17th, according to GMGN monitoring, the utility token INDEX on Robinhood Chain quickly fell back after surpassing a market value of $65 million, now trading at $26 million, with a rapid fluctuation of over 400% in just half an hour, a 47% increase in 24 hours, and a trading volume of approximately $19.2 million during the same period.

INDEX project's mechanism is "earn stock on-chain by holding," according to community disclosure. It imposes a 3% transaction tax used to purchase tokenized stocks on the Robinhood Chain and distribute them to holders, influenced by the Robinhood Chain's RWA narrative.

BlockBeats Note: On-chain token trading experiences significant volatility, often driven by market sentiment and speculative narratives, lacking actual value or use case. Investors should be cautious of the risks involved.