06 Feb XPlay (XPA) Coin Up Today, Potential Pump and Dump?
XPlay (XPA) is the only coin making a surge on the market today, as China continues their crackdown on cryptocurrencies. Bitcoin has reached just under the $8,000 mark, which is the first time since November of 2017. This morning the entire cryptocurrency total market cap is sitting just under $350 billion, slowly bleeding.
Currently, XPA is one of three coins in the top 100 cryptocurrencies, that is making gains this morning. However, if you see its price chart above it shows big red flags. Normal markets do not fluctuate with such strong rises and falls. A few weeks ago, we reported that a lot of cryptocurrency trades now are done by automated bots. This is very similar to that of stocks, where investors program these bots to “pump” a coin or stock’s price by drawing in unaware investors and then quicking “dumping” the currency when it reaches a projected high. Classic “pump and dump.”
There are other clever ways that individuals have been “pumping” coins to make a profit. Facebook groups are another culprit, where a user will post a “fake” breaking release on a project and seek to get investors to put their money into a coin. With the cryptocurrency market unregulated, bots manipulation can easily occur. PACCoin is another classic example.
Never take advice from a Telegram group, facebook group, or “pump chat” because chances are you are highly likely to be scammed. If there is new breaking news on a coin, receive the information from a credible source. Check the coin’s website, price fluctuations, and whitepaper before deciding to invest. However, these scammers are getting better at hiding their schemes and their websites/whitepapers are looking better and better but the charts never lie.
XPlay claims they are creating a user-based content-led adult entertainment platform. The team behind the project is seeking to build a content-based ecosystem. The project’s ICO started on the 7th of August 2017 and concluded three weeks later. Its whitepaper has yet to be translated into English but the information on the main page is extremely vague.
On Xplay’s chart alone, I’d say beware. Regardless if the market is bleeding today, beware.
Featured Image: BitNov