WhiteRock Token Surges on Rumors of Saudi Oil Partnership
WhiteRock experienced a massive surge of up to 116% on May 30, driven by speculation of a potential partnership with a major Saudi oil producer.
Trading data from crypto.news revealed that WhiteRock (WHITE) saw a sharp increase to an intraday high of $0.00138 before settling at $0.00104 at the time of writing. With a market cap of approximately $780 million and a daily trading volume spiking by 500% to nearly $10 million, the token attracted significant attention from traders.
Market Performance
Following its low point in March, WHITE has surged over 280%, accompanied by a substantial rise in open interest, which hit a new all-time high of $998.55k, indicating growing interest among derivative traders.
Speculation and Unverified Claims
Rumors started circulating about WhiteRock’s partnership with Ripple to tokenize the oil supply chain of a major Saudi producer, potentially Saudi Aramco. While there has been no official confirmation from either Ripple or WhiteRock regarding this partnership, the speculation has fueled excitement in the market.
A post shared by Amonyx on May 29 claimed that the alleged partnership between WhiteRock and Aramco could be “the biggest deal in blockchain tokenization history.” However, the authenticity of the document provided in the post has been questioned, casting doubt on the validity of the claims.
Verification and Doubts
Further investigation into the shared document revealed inconsistencies, such as references to a figure named “Sheikh Abdullah bin Khalid Al-Falih” not found in official Saudi records. Additionally, the signature on the document closely resembled that of Iranian actress Mahtab Keramati, raising further suspicions about its authenticity.
Market Sentiment vs. Validation
While the surge in WHITE may be driven by sentiment and speculation, the lack of verifiable confirmation regarding the rumored partnership could lead to downward pressure on the token’s price as initial hype diminishes. It is essential for investors to exercise caution and seek validated information before making any investment decisions based on unverified claims.
Disclosure: This article is for educational purposes only and does not constitute investment advice. Readers should conduct their own research before making any financial decisions.