bitcoin ·
This AI-Related Cryptocurrency Pumps and Dumps: Did Whales Know About the Move?
While Bitcoin (BTC), Ethereum (ETH), and many other leading cryptocurrencies have experienced little to no volatility over the past day, the lesser-known altcoin Quack AI (Q) has taken a different path.
Its price exploded by triple digits to a new all-time high, only to surrender almost all of those gains shortly afterward. Here's what happened during the token's wild ride.
Pump and Dump Several hours ago, Q suddenly skyrocketed from roughly $0.05 to a new historical peak of almost $0.24, while its market capitalization surged to nearly $1 billion, making it one of the top 100 biggest cryptocurrencies. Still, the rally was short-lived, and the coin quickly reversed course, currently trading near $0.06.
Q Price, Source: CoinGecko It remains unclear what sparked the turbulence, but several analysts noted that savvy market participants capitalized on the roller-coaster price action and secured substantial profits. The analytics platform Lookonchain disclosed that trader 0xF1fE made almost $1 million mainly by opening long positions on Q as the price rose.
Reported by cryptopotato.com.
