$SPK The spike and the theft incident have a direct and powerful causal relationship
Simply put, this isn't an ordinary market rally; it's a migration of refugees triggered by a security crisis.
1 The root of the crash: other protocols were hacked, causing funds to flee.
The trigger for this market action was the April 18th attack on the Kelp DAO cross-chain bridge, which resulted in about $2.92 billion in assets being stolen, directly impacting the leading lending protocol Aave, putting it at risk of up to $230 million in potential bad debt and causing a panic sell-off.
On the data front, Aave's Total Value Locked (TVL) plummeted from $45.8 billion to $29.6 billion in just a few days, with over $16.2 billion exiting.
2 Bull Run Engine SPK caught the refugees, becoming a safe haven
The Spark protocol, to which SPK belongs, avoided losses by delisting risky assets ahead of time, becoming the biggest beneficiary of this crisis by directly absorbing fleeing funds
Capital inflow In just a few days, Spark's TVL skyrocketed from about $1.9 billion to between $3.3 billion and $4.7 billion
Price Performance Huge capital inflow directly skyrocketed the price; SPK surged over 100% within 48 hours, and its 7-day increase once exceeded 180%. The -14.70% in the screenshot is just a normal pullback in the upward process
3 Booster Big players are calling the shots with the exchange listing
Besides the fundamentals, there are two additional catalysts
Big player regrets F2Pool co-founder Wang Chun posted that he sold 83.7 million SPK last year, now worth a lot; he openly regrets it, which has a strong signaling effect in the crypto space
Exchange Listing South Korean giant Upbit announced the listing of SPK during the uptrend, bringing massive liquidity
Kelp was hacked, Aave faced a bank run, then funds fled to Spark, leading to SPK's explosive rise
Bad news from others has turned into a super bull market for SPK. However, the RSI indicator is already overbought, and there’s short-term pullback risk; be cautious with chasing highs$BTC 
