NVIDIA Token Shares on Backpack Show Price Difference of Up to 13%
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The NVIDIA tokenized shares on the virtual asset exchange Backpack were traded at prices up to 13% higher than other products. According to a report by blockchain analytics firm Bitquery, Backpack's NVIDIA tokens were traded at an average price about 8% higher from 8:30 PM on the 8th to 1:00 AM on the 9th, with the largest price difference reaching 13% during a 30-minute interval. The NVIDIA tokens on ExStocks, Binance, Robinhood, and Coinbase maintained similar prices. This price difference is attributed to a shortage of available trading volume for Backpack's NVIDIA tokens due to trading in NVIDIA-related meme coins. During the analysis period, only 68 new NVIDIA tokens were supplied on Backpack, while approximately 500 were added to the liquidity pool on ExStocks. At 1:00 AM on the 9th, 1,174 new NVIDIA tokens were supplied on Backpack, and the price difference narrowed to about 0.1% within two minutes. Bitquery stated that this case demonstrates that the price stability of tokenized shares is affected by the available trading volume and new supply conditions.
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