Gold token PAXG experienced a sharp upward spike of over 8% this morning, with contract prices on a certain exchange spiking upwards by about 16%.

According to ChainCatcher, market data shows that the price of the gold-pegged token PAX Gold (PAXG) experienced a sharp upward spike on major crypto trading platforms this morning, with the price on some platforms briefly surpassing $4,800 and currently reported at $4,436.

Community analysis suggests that this upward spike may have been caused by the liquidation of a short contract trader on a certain exchange. On this platform, the USDT-margined contract trading pair saw a maximum upward spike of 15.8%, reaching $5,106. The exchange has not yet responded to the incident.

According to Coinglass data, in the past 4 hours, PAXG liquidations across the network totaled $6.82 million, with long positions liquidated for $1.279 million and short positions liquidated for $5.5453 million.