◆ Dogecoin, start of pumping from WSB
On the 28th of last month, a Twitter using the pseudonym of “WBS Chairman” asked 750,000 followers, “Have Dojicoin ever recorded a dollar?” Dojicoin soared 980% in one day. Even though Dogecoin is a simple MEME coin, it has entered the top 10 market cap for the first time since 2015. The next day, it plunged 68%.
After the hashtag #DogecoinArmy appeared on the trend on Twitter, Dogecoin showed a surge again. On the 30th of last month, when it recovered to the $0.03 level, it rose more than 80%. Currently, Dogecoin is trading at 44 won, up 43.58% from the previous day based on the coin market cap.
Cointelegraph, a media specialized in cryptocurrency, reported that “Reddit’s Satoshi Streetbets alone has 213,000 active users, and since there are several SNSs including individual Telegram communities, it is difficult to find the exact pumping driver.” Since Dogecoin has a thick fan base, such as Elon Musk, there is a possibility of greater volatility.
◆ Ripple, the highest rise in a day in 3 years
Ripple’s price rose to the highest level in three years on the 30th of last month. CoinDesk pointed to the Telegram community’Buy & Hold Ripple’, which was created on the 25th of last month for the reason Ripple pumped. The community had 200,000 subscribers within one day of its creation.
When the number of subscribers reached the maximum, the community encouraged them by sending a link to join the Telegram community of the similar name’Pump Ripple Official’. The community currently has 80,000 subscribers. It is known that such ripple pumping related communities are encouraging group action by saying,’Let’s pump ripple at 10:30 pm (KST) on the 1st.’
“Existing crypto pumping groups are imitating WSB-style pumping,” said Jihan Tsui, founder of Hong Kong-based Kennetic Capital. Ripple followers are following the WBS Short Squeeze. Analysis continues that such collective pumping is threatening the traditional market.
◆ “Community pumping has a bad impact on the market”
Ye Jun-nyeong, co-founder of Despread, said, “It is not good for healthy market development to increase coins in a short period of time only by pumping.”
He said, “Influencers such as Elon Musk and Jack Doshi are advocating Wall Street Betz, stimulating the forces, and the soaring of coins may lead to victims.” Means” he said.
CEO Yee said, “As it moves from stock to coin, pumping seems to be concentrated on coins that individual investors have a lot like Ripple and Dogecoin.”
Criticism has been raised that simple coin pumping is a problem as well as unreasonable short selling.