Did a Crypto pump group bring a market wallet offline?
TL;DR: Did a pump group bring a market wallet offline? Maybe.
Thanks for checking out my pump analysis. You can view scheduled pumps, analysis and tips on my telegram channel here: http://t.me/CryptoPumpAnalysis
At 20:00 GMT, June 27th, The Signals&Pumps telegram channel by Rocket Investments launched their pump campaign on ION.
20:01: The pump saw the coin reach a new daily high of 0.00121999, up from the pre-pump price of 0.00029980.
20:02 - 23:47: Price dropped down to a low of ~0.00034564.
23:48: We started to see traders averaging down as the price began to rally.
03:30: Price reached 0.00064581. This represents a 115.41% increase on the pre-pump price.
07:00: Volume dropped to zero with a message appearing on Bittrex stating “Wallet Maintenance”. The maintenance period appears to have lasted roughly 1 1/2 hours.
0900: the coin has since risen to 0.00072499
The group provides a ‘pro group’, where they release the coin around 40 seconds before the public group. Judging by the volume orders, it appears there wasn’t any significant investment 10 minutes prior to the pump (Around a total volume of 10) .
Why would a wallet be under maintenance?
Bittrex states:
In general, the wallet is disabled to prevent users attempting to deposit or withdraw to a wallet that may not be functioning properly.
Reasons mentioned include:
- There could be a possible fork on the block chain.
- The wallet daemon on the server has hung or crashed.
- The wallet is sending orphan transactions or having an issue that requires the developer to work on resolving.
Strategy
A similar trend was present during the last coin this group pumped. GEO (Pumped 20th June) saw a rapid decline from the initial pump. With both pumps, the coins began to rally roughly 3 hours after. Below is the GEO pump
I’ll be monitoring this on their future pumps. You could bypass the initial pump all together and see if it would be worth putting a small amount in later with the expectation of an uptrend. It's risky, but then so is any pump investment.
You can keep up to date on all my articles / schedules / picks on my telegram channel: http://t.me/CryptoPumpAnalysis.
Disclaimer: I have no affiliation / sponsorship / endorsement with-or-from any groups. This should not be taken as financial advice; it is only my personal opinion.