See another manipulation of a new project, the coin is called greenex (gnx). From September 18 2021 the coin was selling at $0.93245. The coin increased to $422.42 on October 5 and decrease the following day back to $0.0009702 from $422.42. the coin ever since that time has been very low.
https://coinmarketcap.com/currencies/greenex/
I see this as a bump and dump coin, many people can see the coin increasing and invested but not knowing the coin will start to decrease the following day. Can you imaging what $10000 can turn to if invested when the coin turned $400 and it dumped that way, it will remain less than $0.0245.
This is one of the risk in investing on new coins and tokens, they are gambling.
https://coinmarketcap.com/currencies/greenex/
I see this as a bump and dump coin, many people can see the coin increasing and invested but not knowing the coin will start to decrease the following day. Can you imaging what $10000 can turn to if invested when the coin turned $400 and it dumped that way, it will remain less than $0.0245.
This is one of the risk in investing on new coins and tokens, they are gambling.
I am pretty sure that sometimes coins or projects are just created to make such a quick pump and dump out of it, because in the end you don't need that much effort and capital to do it. To create a new sh*it-coin (basically every meme-coin is just another sh*it-coin) all you need is a website template and a half decent whitepaper or even a litepaper to be considered as a worthy project to invest in by the standards of a lot of people in the crypto space, especially newcomers. Then, once the coin is listed you invest like 10000$ into it so the price skyrockets and creates FOMO. Then when others are buying in you slowly but surley sell off your huge bag.