TenX (PAY) rose by 50.89% overnight, standing at $1.31 in the early hours of Tuesday, and there may be no particular reason besides trading momentum. The asset has doubled its price in the past week, and shows no signs of slowing down.
The trading volumes of $68 million recall the levels of last December. For now, the price of PAY is still around halfway down since the December peak in Bitcoin prices, standing at around 19,000 Satoshi.
However, the most mystifying story is Bithumb, where PAY prices are excluded from the general calculation. Because the exchange has been on lockdown and no new PAY are deposited, the low supply lifted prices as high as $9, and around $7.70 as of 4:30 UTC this Tuesday.
On KuCoin, the crypto-only Korean exchange, the price is also seeing a small premium, growing to $1.33, and on smaller markets with low liquidity, the pumps never materialized, leaving PAY hover around $1.02.
Korean trading has followed a different logic for many assets, but for PAY, it may be a short-term anomaly, and the prices may crash dramatically once deposits are opened. Bithumb is now starting to resume some of the services frozen for almost a month since the hack, starting with fiat withdrawals:
In the case of PAY, the price movement cannot be called a recovery and a new bull market, as there are no supporting news. The current price rise may be a temporary inflation of prices, which may unravel in the coming days.
The only supporting news expected from TenX is the possible banking relationship, allowing the project to unroll its crypto-based cards once again. But just before the price pumps, Reddit users commented that the TenX team is behind schedule, and the project and token look partially abandoned. The TenX project has a slim community, and the team has not communicated for a long time, putting a question mark on the value of holding PAY, beyond immediate speculative trading.