A lot of newbies here people are getting rich overnight from bitcoin and they want to get rich too.
That's the thing. The only people gaining are the people that initiated the pumps. They're smart. As soon the shit coin goes up buy 10-20% they sell to people buying after the 10-20% up. Anyone who buys after that is stuck with those coins because no one is going to buy a shit coin that is up that much. They end up selling at a huge lost (sometimes 70-90% lost). It's a scam that works well for people who organize pump and dumps.
The FOMOs are trying to get rich overnight, but ended up loosing everything. I wish people get it that only
trading / investing in Bitcoin will bring you profit. Only
BTC's price fluctuate to the point where you can make nice profit trading with even $500. It's going to take a while to build up the profit, but it's almost always a sure thing.
The question here is why would they even buy some random shitcoin that is being pump without a good reason?
I think most of the people who does it are the newbie's who really believed in some random signal group that tells them to buy this shit coin and dump at a certain point.
There is no way an old trader would fall for this kind of thing because they are aware of this kind of tactics and know too well that this kind of pump would usually crash after it hits a certain point and it is too risky.