There are groups set up on discord and telegram announcing medium-volume coins to pump to 30k+ followers. The mods announce when a pump will be starting and what exchange without announcing the coin - once the coin and target price are announced, these coins pump up to 3x+ within a span of minutes, and then drop again.
Example - DGD pumped on Binance yesterday:
DGD's pump was announced with a target price of .034 - it went from .0137 to .081 and dropped again within a 5 minute span.
The groups I've seen use tiers on discord, where, depending on how many invites you have given out, you receive the announcement slightly quicker (a difference of up to 3 seconds). I do not believe telegram is set up for the same tiers, as it does not use channels.
By definition, it's a ponzi scheme - with the idea that the more people who join in on the pump, the higher and faster the price will go - but those joining later will just be buying up the coins that the higher ranked affiliates are selling.
However, since these groups have 30k+ members, it seems to be enough volume to attract other traders and bots. Additionally, since binance allows market buys, it looks like there are enough people desperate to get in on the pump that they buy well above the announced target price.
Is anyone here following these groups?
Example - DGD pumped on Binance yesterday:
DGD's pump was announced with a target price of .034 - it went from .0137 to .081 and dropped again within a 5 minute span.
The groups I've seen use tiers on discord, where, depending on how many invites you have given out, you receive the announcement slightly quicker (a difference of up to 3 seconds). I do not believe telegram is set up for the same tiers, as it does not use channels.
By definition, it's a ponzi scheme - with the idea that the more people who join in on the pump, the higher and faster the price will go - but those joining later will just be buying up the coins that the higher ranked affiliates are selling.
However, since these groups have 30k+ members, it seems to be enough volume to attract other traders and bots. Additionally, since binance allows market buys, it looks like there are enough people desperate to get in on the pump that they buy well above the announced target price.
Is anyone here following these groups?