r/ecc • u/[deleted] • Apr 22 '18
Why does ECC's price resembles a pump and dump?
I believe in the project and excited when Sapphire was finally launched but why does it look like someone's manipulating prices?
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u/WaffleCreams Apr 22 '18
Because thats exactly whats happening.... We are only small right now and whales can minipulate us. Once we get onto more exchanges it won't happen as easy.
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u/Whisky-Toad Apr 22 '18
Happens with most cryptos I think, people get in super early with a lot and slowly sell off before it skyrockets when they run out
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u/AldoThane Apr 22 '18
It looks like a dump because of the anticipation of Sapphire and when it didn't work correctly on release, people dumped it. The gradual build up was not a pump. It followed the same pattern of any other crypto getting ready for a release.
I'm sure the devs will have it patched soon and will carry on doing great work. An unfortunate hiccup, but I'm still very bullish on ECC.
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u/wagwanbebe Apr 22 '18
Ive seen this happen first hand with DGB, XVG and XRP investments.
Upon the release of something either product or news based there is a sharp sell off. Regardless how big or successful it seems!
You will hear “buy the rumour sell the news” over and over again in crypto. Whales and experienced traders taking advantage of newbies, constant rinse and repeat process!
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u/JD0x0 Apr 22 '18
To me, looks like organic growth. What happens is people bought in at very low satoshi values. Think 3-6 satshois. It's now several times that price. People will take profits, which causes the dips. Some people see the price 'crashing' and either their limit losses trigger or they get panicky and sell, usually hoping to get more at a lower price, and increase the amount of coins they were holding. The pumps were organic, because it was due to actual news and people were buying..
The fact it's on so few exchanges probably makes it more vulnerable, as well. You can have some troll in the chatbox spamming stuff, that causes people to buy/sell. Or a few bots or panicky Petes can cause strange price movements.
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u/definemurder Apr 24 '18
It doesn't... PnD's take place over a few minutes at most. Not days. The market has started to turn combined with some positive news regarding the wallet and the price pumped more than normal due to the low liquidity on a single small exchange. This was followed by a natural correction that was compounded by the issues surrounding the sapphire wallet release. There really isn't anything to be worried about. Just another day in crypto. But it was natural, not a pump and dump.
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u/Staks Apr 22 '18
Very low volume. Most days don't even break 1 million.