Yesterday crypto exchange YoBit launched its own pump-and-dump scheme. This feature on the exchange became one of the most talked about aspects on the exchange. The local chat is all about ‘the next pump’, and it’s almost like trading is being gamified. It’s own of the main topics of conversation and traders are now waiting for a next pump to happen…
The chat is full of messages along the line of ‘this coin next!’ and ‘when next pump?’. Traders want to get in on the action. People expect a low volume coin to be pumped. Some are betting on LIZA, while others mention HSP. What will be the next pump? Which coin can make you a 1000% profit? That’s the question that’s keeping YoBit traders busy at the moment.
The first coin that was pumped by the Russia-based exchange was Putin Coin (PUTIN). This relatively unknown coin went from 120 satoshi all the way to a peak at 1768 satoshi. Now, 12 hours later, the coin has stabilized around 206 satoshi. So even if they missed the peak, traders can still make a good profit on the YoBit pumps.
YoBit itself has gotten a bit of bad press on the pump-and-dump scheme. Financially it also didn’t really benefit the exchange. Compared with yesterday, the exchange moved 4 places up in the CoinMarketCap charts, but trading volume didn’t really change.
The Russian crypto exchange didn’t confirm it will be doing multiple pumps. The timer is now set to zero, and there’s no countdown for a new pump. There also hasn’t been a new announcement on Twitter.