It was very horrible, if the Bitcoin whales take advantage from newbie with a fake pump.
Do you know the signs or characteristics of a fake pump ? So all of us to be vigilant and cautious in trading.
Just check the market capitalization of the altcoins and then compare the number of users each of these coins are having. If an altcoin which is having less than 10,000 users is achieving a market capitalization of $500 million, then the possibility is that it is a fake pump.
Market capital of altcoins too cannot be considered as a fake volume, because every bitcoin user will be holding few number of altcoins due to the decreased price. This serves to get hold of good capital market. I believe fake pumps were created during the start of the project to make good value for the token. Later on only the user increase helps the capital increase.
For me, there is still fake pumps in many alt-coins. Currently, they are all green, so it makes me wonder who are behind pumping the alt-coins again. But sooner or later they are going to dump, making newbies panic and sell as well because they are all afraid that they are losing their money. Newbies are really hit hard when this happens, so they need to watch and observed the market for such scenarios.