Experts at AnChain.Ai analyst firm found pump&dump traces in recent LINK cryptocurrency price movements. Its capitalization exceeds $602 million.
Someone doubled the price of LINK
The AnChain.Ai team claims that it found evidence of LINK cryptocurrency price manipulation. In particular, unknown persons used the pump&dump scheme.
It lies in the fact that a group of traders, by prior agreement, at one point buys cryptocurrency in huge volumes. Because of this, the coin rate is growing by leaps and bounds. Most often, growth is accompanied by announcements of any project achievements. When the cost reaches a peak, attackers begin to sell the tokenToken
– is an accounting unit that is used to represent a digital balance in an asset.Details, after which the token price drops sharply.
AnChain.Ai claims that the LINK cryptocurrency pumpPump & Dump
– is a manipulative gambling scheme with a view to making quick money. The essence of the scheme is an artificial increase in the exchange rate of the currency on the market, the stock exchange with its subsequent collapse, or vice versa: a collapse followed by a rise. Details began with a project tweet that Coinbase added it to its listing. Then the token cost only $2.24. It happened on June 28th. A day later, the price of the token jumped more than twice – up to $4.45.
During these two days, according to AnChain.Ai, several accounts began to massively buy LINK on the Binance crypto-exchange. Then they began to "drive" the bought-up cryptocurrency through several addresses in orderOrder
– automatic application to buy or sell cryptocurrency. Orders are used during trading on the stock exchange to open and close a position. Details to hide its origin.
On June 2nd, the dump phase began. And the addresses to which the cryptocurrency received began to massively sell the token. Only one of them got rid of 4.2 million LINK. By this time, the price of the token has dropped to $3.73. On July 15th, the value fell to $2.80. As of September 12, the LINK price was $1.72.
Interesting in the section: Trading for dummies: how to read cryptocurrency exchange rate charts (part 2)
- Traders lure newcomers into the pump&dump schemes (on their slang, "hamsters"), promising them fabulous profits. They use them for the "extras", and when the price falls off, investors are left with an unnecessary token in their hands.
- LINK cryptocurrency created the Chainlink project. He develops smart-contracts for business. On its website, the project claims to include giants such as SWIFT and Google among its partners.
- According to Coinmarketcap, LINK has a total market capitalization of $602 million and a daily tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details turnover of $67 million.
Editor: Yuliya Soroka