- Recent sharp price movements in certain low-market-value altcoins have raised suspicions of price manipulation.
- A trader on the Bybit cryptocurrency exchange has pointed out suspicious activities of three accounts that appeared in the past five days, exclusively trading AGLD and making seven-figure profits.
- These accounts and their activities are suspected to be part of a “pump and dump” scheme, a common phenomenon in the crypto market that often targets novice investors.
Unusual Price Movements in Low-Market-Value Altcoins
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Recently, the cryptocurrency market has witnessed unusual price movements in certain altcoins with low market values. These sharp price fluctuations have drawn attention and sparked concerns about potential price manipulation.
Traders Raise Alarm on Suspicious Activities
A trader who operates on the Bybit cryptocurrency exchange has raised concerns about the activities of three accounts that have emerged in the past five days. These accounts have exclusively traded Adventure Gold (AGLD) and have reportedly made seven-figure profits. The trader warned other market participants to be cautious, especially those trading tokens with low market values, as there appear to be some bad actors in the market.
Signs of a Possible ‘Pump and Dump’ Scheme
The suspicious activities of these accounts suggest they may be part of a “pump and dump” scheme, a common phenomenon in the crypto market. In such schemes, large amounts of a particular cryptocurrency are bought to drive up the price. Once the price has risen significantly, and fear of missing out (FOMO) has been induced in other investors, the orchestrators of the scheme sell their holdings, causing the price to plummet.
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Such schemes often target novice investors who may not be familiar with these manipulative tactics. Therefore, it is crucial for all market participants to stay vigilant and be aware of such potential risks when trading cryptocurrencies, especially those with low market values.