Altcoin values 3.300% in 24 hours, indicating possible pump and dump
Whoever accompanies the market charts to see the currency prices usually finds different surprises. However, some are much larger than the others, recently a currency based on Ethereum called TRONCLASSIC (TRXC), surprised everyone with a valuation of more than 3,300% in less than 24 hours.
Earlier in the day, the chart said the TRONCLASSIC (TRXC) price rose at 3,336%, a very rare number in the current market that is still recovering from Bear Market. Although Bitcoin is still holding above support figures, with possibilities for a new rally, TRONCLASSIC does not appear to be linking to the current market trend.
According to the CoinMarketCap, TRONCLASSIC (TRXC) is priced at $ 0.000054 against the dollar. All thanks to the accumulation of gigantic pumps. The currency was holding a stable price between $ 0.000002 and $ 0.000012, altcoin then had a monstrous valuation of more than 3,000% after the end of the European trading session, quickly hitting $ 0.000048, before keeping up for the next few hours.
Such an expressive high draws the attention of observers. Even with a retreat after the end of the morning, being currently (around 4pm) with a high of 2,896.60%, it may be that many are encouraged to buy the currency. However, this would be a double mistake, after all, you should never buy yourself a bullseye and you should never trust a currency with such strange behavior.
The currency’s rapid pump led the crypto-currency community to create a series of speculations. Most investors, wisely, claim that the currency will not maintain this appreciation.
By analyzing the CoinMarketCap chart in relation to the currency history, it is easy to understand what is happening. Since its inception, the currency is held in several cycles of pump and dump , probably enriching only the creators of the asset and hurting many investors who are driven by the volatility of the crypto.
Just to analyze the currency, it is easy to see that it is not worth the dubious investment in the digital asset.