Something unusual happened in the crypto market. While most altcoins were slipping, two names stood out: Onyxcoin (XCN) and the Trump token. Both pumped hard, seemingly out of nowhere. No news. No announcements. Just sudden spikes that had traders scratching their heads.
So what’s going on here?
That’s exactly what crypto expert Gerhard from Bitcoin Strategy, with over 136,000 subscribers, decided to unpack in a detailed video breakdown. According to him, these moves aren’t driven by retail hype or even short-term speculation. Instead, he points the finger at a familiar but less-talked-about force: market makers.
Read Also: PancakeSwap Records Highest-Ever Quarter since Inception, But CAKE Price Dips
What you'll learn 👉
What’s Behind the Sudden Spike?
Gerhard explained that what we’re seeing with XCN and the Trump token is a classic market maker move: short squeezes engineered in the perpetual futures market. The altcoin market was mostly red, yet these two tokens flew. He pointed out a pattern that’s become pretty familiar in crypto: pumps happen fast, dumps take their time. And in many cases, these pumps aren’t tied to any real news or utility.
XCN didn’t announce anything. The Trump token didn’t release a roadmap. But prices soared anyway. Why? Because market makers can profit when too many traders are shorting, they push the price up, liquidate those shorts, and collect the fees.
Onyxcoin (XCN) Real Story Is in the Derivatives Market
If you’re watching the spot chart of XCN price, you might be missing the bigger picture. Gerhard showed how open interest on perpetual futures for XCN moved in lockstep with the price. As more traders opened positions, especially shorts, the price shot up. That’s not a coincidence.
This behavior isn’t just limited to XCN. It’s been happening with other tokens too, like Dogecoin and the Trump token. The blueprint is almost always the same: a big squeeze, a slow fade, maybe a secondary pump, and then eventually, a final drop. And when everyone’s already scared to short again, that’s when some traders find the best entry point.
Gerhard stressed that while most retail traders get caught in the noise, there’s a clear strategy behind these moves. It’s all about understanding how market makers play the game. For example, comparing XCN to Bitcoin instead of the US dollar reveals more realistic performance. Those quick jumps followed by slow corrections? They show up clearly when you remove Bitcoin’s macro influence from the chart.
He also shared how his community looks for secondary squeezes as lower-risk short entries, because by then, most of the early short sellers have been wiped out.
Want to know what happens next with the XCN price? Keep an eye on the open interest, watch for those sharp moves, and don’t fall for every pump. In this market, it’s often the second wave that tells the real story.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
