So is STEEM pumping right now? Should we fear it going down together with BTC? More and more people predict BTC sub 8k...
You are viewing a single comment's thread from:
So is STEEM pumping right now? Should we fear it going down together with BTC? More and more people predict BTC sub 8k...
No, I didn't think so by my experience they often choose crypto that market cap is to small and price too low 0.001 even less, because it is very difficult to pump a crypto with a big market cap and big trade volume. So don't be afraid steem is like a rock.
SBD has a tiny market cap and I've personally sat there and watched the pump and dumps happen. They move around from coin to coin but it's very obvious when it happens, nearly straight lines up and then people left wondering why it's dropping so fast, I can only imagine the looks on the faces of the people who get in late. Surprised, or maybe not so surprised, to see how many people admit to being a part of this, even in here.
Cryptos might be new but being parts of pump and dump rings has definitely not been allowed for a long time in most countries. Be careful what you admit to, blockchain is forever. And yes, funny how often I see their dumb spam messages trying to lure new recruits on every social media site ever, quite annoying to know that they're out there making whales richer and screwing over the little traders.
According to the coinmarketcap for the last 24h, Steem has a trading volume more than 442 million $. It is true that coinmarketcap summarize the trading volume of all exchanges and You may say that in one given exchange the volume is small and it can be manipulated. I agree on that but by my experience the pump and dump groups prefer to manipulate the price in order to get a profit 10 - 20 %. Given the all over trade volume of Steem you need a big amount of money in order to create incentives to push the price up.
In every case I agree that a big player can manipulate the price even on this volumes but I think is not the case on this pump and dump groups.