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.
I was thinking about the hypes made by the developers and probably a trap for no-how investors. Actually, this is very common to new projects, most of them show a good start but later on, it just suddenly drops and never it see to recover back. 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.
This is a risk when buying a new project, especially when it has no working product and this is the reason why I simply ignore them. Coz in many cases, people are losing their money due to wrong investment.