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.
Whats your evidence for this?
The fact that it was declining for many months and trading at below 200 sats with low volume of around 50k per day for over a month . Then Bitcoin went on a historic surge and every other coin went down except xby. How could a coin that hasn't finished its tech, has no new developers, hasn't added any new exchanges start to surge huge when bitcoin was also surging. Now if bitcoin surges that usually mean altcoins take a beating. It surges to 2000 sats and 3 million in volume in no time.
It's like saying a guy just broke the running one mile distance world record while running against a hurricane force wind . He did that without some unnatural assistance. Would you actually believe that happened.
If you believe that this surge is caused by market forces and not a large bag holder using a bot you are one naive investor. I've seen this happen before so I know how it works. Of course a large whale is using a bot to manipulate the price.
You better hope the whale doesn't exit and cause the price to crash because if you buy into the dump when he dumps his large bag you'll be holding empty bags while he's running off with the loot.