This coin is being heavily manipulated by a whale with large bags.  They're using a bot to drive the price up right now. Anyone that buys now will have a high possibility of buying into a dump. This is what makes the markets look bad. Instead of letting the market dictate price you get scumbags with bot software and large bags manipulating the price. I've seen this happen with chaincoin and a lot of people lost a lot of money.  

This actually does long term damage to the coin because investors that buy into the dump and lose a lot of money will never invest in the coin again. The coin should have a natural progression in price dictated by investors. Not large bag holders using bot software to manipulate the price.