My guess is that it is an announcement of a new exchange. A really big one. This is just a guess and I could be wrong, but it's a risk that I'm willing to take. Not to mention, the devs could have made a post a few days ago on their Twitter and gotten the price to $10 or even $20 and then sold all of their coins. If I were going to do a scam, I'd make sure that I made enough money to retire and never have to work again. They didn't do that. For that reason, I don't believe that the project is dead.

However, if the project is dead, there are many really strong features of this coin and if another dev comes and takes over the project, this coin will moon again.