DRIFT fluctuated by 60.7% in the past 24 hours: Follow-up hacker investigation triggers short squeeze rebound and volatile correction
Bitget Pulse2026/04/06 16:02Volatility Overview
In the past 24 hours, DRIFT's price rebounded from a low of $0.0387 to a high of $0.0622, before falling back to the current $0.0406, with a fluctuation amplitude reaching 60.7%.
24-hour trading volume is approximately $12 million, with a market capitalization between $21-$24 million, which represents an enlarged volume compared to usual.
Brief Analysis of Abnormal Events
• Drift Protocol confirmed that the $285 million exploit on April 1 was the result of six months of intelligence infiltration by North Korea-linked hackers. Multiple mainstream reports in the past 24 hours detailed the specifics, including fake trading firms, device compromise, and pre-signed transfers, prompting the market to reprice the asset.
• On-chain and exchange data show that following the hacker incident, price plummets resulted in short accumulation. Whale bottom-fishing and FOMO led to a short squeeze with price surging 35% before a subsequent correction.
Market Opinion and Outlook
The prevailing sentiment in the community is cautious. Discussions on X view this rally as a "short squeeze + dead cat bounce" rather than a recovery, warning retail traders against FOMO. While 78% of CMC Community votes are bullish, the price remains weak. Analysts point out major risks including TVL crashing from $550 million to below $250 million, suspension of deposits/withdrawals, and erosion of trust. Continued volatility is expected.
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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