The manipulations are organized by online communities.
Jake Daniels explored a scenario where he had to buy the ADA token
Forums will continue to find cryptocurrencies that are climbing and reap the money generated by media attention.
All these massive hikes organized by online communities are making a crowd of new traders drool with envy looking for the next big asset. It is no coincidence that I have noticed an increase in posts regarding participation in “pump discord groups” on Twitter.
I’m a marketing project manager at Bitcoin Loophole app, a Canadian cryptocurrency exchange . My role is to create animated and topical graphics that highlight the cryptocurrency that will be talked about.
On Tuesday, February 2, I was investigating whether a particular event had been responsible for the 20% rise in Cardano’s ( ADA ) share price. Was this a new tech announcement, or a new manipulation of the WallStreetBets forum?
Browsing through the hashtag $ ADA on Twitter, I observe that it is inundated with identical tweets mentioning a group of people looking to manipulate the market.
“$ Ada handled by a lot of people tonight!”
“#Wallstreetsbets and other forums will manipulate $ ada. They have already attacked $ xrp, $ doge, $ gme and $ amc! Check the court of these assets ”.
I considered this situation, and envisioned a scenario where if I were to buy ADA while under the effect of FOMO, what would happen?
Cryptocurrency case number one: ADA
The first order: Browse tweets about ADA manipulation and merge them into intervals to measure trading volume . You will find below this volume on the history of the token price.
Although it may be a coincidence, when the volume of spam increases, a slight increase in prices ensues. Maybe a few people realize the situation and decide to buy. Or maybe it’s trading robots that use this indicator as a buying factor.
Let’s zoom out for a few hours and put that into perspective.
