THENA (THE) fluctuated 182.0% in 24 hours: Venus Protocol flash loan attack caused price turbulence

Volatility Overview

In the past 24 hours, THENA’s price rebounded from a low of $0.2131 to a high of $0.6010, currently trading at $0.2288, with a price swing of up to 182.0%. The 24-hour trading volume surged to about $224 million, representing an increase of over 3600% compared to the previous day. DEX trading volume accounted for a high proportion, and there was a notable net outflow of funds with significant liquidation events.

Analysis of Unusual Movements

- Venus Protocol Flash Loan Attack: In the past 24 hours, attackers utilized THENA (THE) as collateral to carry out a flash loan attack, extracting approximately $3.7 million from Venus Protocol. This resulted in large-scale liquidations and sell pressure of THE tokens, becoming the main direct driver of the rapid price spike followed by a sharp drop.

- High DEX Activity: On the BNB Chain, 7-day DEX trading volume reached $34 million (ranked 6th), with a 24-hour TVL utilization rate of about 16 times, amplifying volatility. However, there were no official announcements, large whale transfers, or significant capital inflows acting as extra catalysts.

Market View and Outlook

The dominant market sentiment is negative, with focus on Venus Protocol’s subsequent handling of bad debt (about $2 million) and potential further sell-off risks. Community discussions highlight Thena’s high DEX volume ranking and positive weekly data (such as $55,000 Epoch 165 trading fees), but analysts warn of intensified short-term volatility, recommending monitoring of protocol recovery and on-chain liquidation activity.