DRIFT 24-hour volatility reaches 42.7%: Whale sell-off triggers sharp fluctuations in the aftermath of the hacking incident
Bitget Pulse2026/04/04 20:39Volatility Overview
In the past 24 hours, the price of DRIFT rebounded from a low of $0.0337 to a high of $0.0481, currently quoted at $0.047, with an overall amplitude of 42.7%. The 24-hour trading volume is approximately $15.71 million, with a market cap between $19.45 million and $23.2 million. There are signs of net capital outflow, mainly influenced by exchange deposits.
Brief Analysis of the Cause of Abnormal Movements
- Whale Sell-off: On April 3, a whale continued to sell off 25 million DRIFT (about $1 million) after the hack news, leaving a remaining position of 27 million tokens.
- Exchange Deposits: In the past 18 hours, about $2.4 million worth of DRIFT was deposited into Bybit and Gate.io, while team-related wallets deposited 56.25 million tokens, signaling selling pressure.
- Background Comparison: On April 1, Drift Protocol suffered a $28.5 million hack (suspected North Korean hackers compromised the governance key), resulting in deposit suspension and a sharp drop in TVL, triggering ongoing panic.
Market Views and Outlook
The dominant market sentiment is negative, with the community viewing the hack as a reminder of DeFi governance risks. The liquidity of DRIFT token is “nuking” and Solana’s ecosystem is under pressure. According to CoinGecko, 63% are bullish, but analysts warn of key management and withdrawal rate limit vulnerabilities, exacerbating short-term volatility until the protocol responds and funds are recovered.
Note: This analysis is automatically generated by AI based on public data and on-chain monitoring, for informational reference 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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