Report: LINK coin manipulation of prices with what is known as “Pump and Dump”
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Answer Report: LINK coin manipulation of prices with what is known as “Pump and Dump”
AnChain.ai’s reporting and analysis has brought up some interesting facts about the Chainlink project that runs the LINK coin.
Where the results showed that the (LINK) coin team manipulated prices and pumped and withdrawn funds with what is known as “Pump and Dump”.
Although there are no confirmations about this, the results of AnChain.ai show that there is a group of investors who have manipulated the price of the currency.
According to the same analysis carried out by AnChain from April 1 to July 26, the LINK price hike on June 28 was the result of some small trades designed for exactly that purpose (value-raising).
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As it is known about any pumping and emptying scheme, investors have bought a large share of the digital currency in order to influence its price and make it rise in order to attract more investors, meaning that the artificial price hike is nothing but a bait to attract more investors.
As soon as this happens, those investors who made the price rise collectively sell the currencies they bought and after they have reached levels higher than the purchase price, which makes the rest of the users lose due to the collapse of the prices of their currencies that they own and did not sell in time.
AnChain confirms its results against the background of the total market value of the LINK coin, which it reached at the end of July, where the value reached $1.2 billion, and then collapsed and is currently at $582 million.
Chainlink management reaction:
The CEO of the Chainlink project defended the coin’s rise earlier and attributed it to Coinbase’s inclusion of LINK as the reason for the coin’s appreciation.
He also defended by saying that Coinbase, by virtue of its size in the crypto market, the inclusion of any currency on it makes the value of the currency jump dramatically.
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AnChain analysts responded that the fraud occurred prior to the listing.
The “pump and dump” scam is not new in the crypto world, but rather it is considered one of the most important disadvantages of this market.
Read also:
Learn about the details of the decline in the price of the currency (LINK) and its decrease in its market size by half a billion dollars
Chainlink Coin Team Starts Selling Its Own Coin Tokens
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