Suspicious, maybe the exchange holds some and artificially boosts the price to lure some people into buying the fake hype. Definitely a possibility.
That's a possibility, but I really doubt it. In the last days a whole lot of CN coins raised noticeably. XAO is just one of them, but sadly has only one exchange.
That is a an obvious possibility because that is the case more often than not. If the exchange ends up as a bagholder and they are in the position to artificially raise the price and create volume without getting caught, I think they will take that opportunity.