Mythos token soars 200% in less than 4 hours

The price of the Mythos crypto token rose sharply earlier today in an uncharacteristic intense period of trading activity.

According to CoinMarketCap data, MYTH surged from $0.2623 to $0.7843 within four hours in a move that marked an increase of about 200%. The token later pulled back to around $0.4261 at press time, leaving questions as to its sudden rise.

Mythos (MYTH) aims to support game developers building play-to-earn blockchain games, according to its website. The project was created by Mythical Games, a gaming studio developing multiplayer online games with economies centered around non-fungible tokens (NFTs).

Trading volume in MYTH also spiked during the brief run-up, rising from well under $65,000 earlier today to $2.83 million as of press time. That represents an increase of over 2,830,000% compared to the lowest end of the 24 hour volume reported by the token on the same day.

You might also like: Crypto analyst bullish on Dogecoin as crypto market rallies

The pump in price and trading activity could potentially indicate manipulation in MYTH’s relatively small market. With a market capitalization of $13.24 million and its low trading volumes, MYTH would be susceptible to coordinated buying intended to temporarily inflate valuations by large holders.

However, no definitive proof of manipulation behind today’s price action has surfaced at this time. The Mythos project has not issued any announcements or developments that would explain the trading volatility in fundamental terms. The latest vote made by the project’s decentralized autonomous organization ended two months ago in an approval for an $850 monthly budget for an ambassador program.

Read more: Crypto analyst sees XRP as a potential market driver