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.
You may also like
Bitcoin weathers September storm as rate hikes and Clarity act setback test bulls
Continuous mineralization over 905 meters! Auro Metals gold and copper resource potential is further confirmed, phase II drilling empowers long-term growth
Auro Metals Inc. has announced another major exploration breakthrough, with the first phase of drilling at the Santa Barbara copper-gold mine yielding further breakthrough results.
JP Morgan: Raising interest rates is not enough to end the US stock market rally; long-term rates, fiscal policies, and geopolitics are the real risks
J.P. Morgan believes that an interest rate hike does not signify the end of the bullish logic for US stocks, as AI capital expenditures and corporate profits can still support the equity market. However, fiscal deficits, bond supply, and geopolitical risks will continue to drive up long-term interest rates. The real concern is the rapid approach of the 10-year US Treasury yield to 5.5%-6%, at which point high-valuation growth stocks could face significantly increased pressure.
Solana holds above $100, targets $130 as ETF inflows reach $837K
Crypto prices
More
