Crypto Market is full of pump and dump schemes, that look very attractive in the beginning, promising easy and quick money. But they end up with eroding their value and thereby duping the investors.
Today, We will talk about Vertcoin(VTC), which also seems another pump and dump coin and also do the price analysis.
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How Crypto Pump and Dump Coins Work
Crypto pump and dump coins are a type of scam that involves artificially boosting the price of a low-volume cryptocurrency by buying a lot of it, spreading fake or misleading information to create hype and attract more buyers, and then selling it at a high price before the price crashes.
This scheme is illegal in the stock market, but it is hard to prevent or prosecute in the cryptocurrency market, which is mostly unregulated and decentralized. Crypto pump and dump coins can harm the investors who buy the coin at a high price and lose money when the price drops, as well as damage the reputation and trust of the cryptocurrency industry as a whole.
What is Vertcoin?
Vertcoin (VTC) is a cryptocurrency that was launched in 2014 as a fork of Litecoin, and aims to be ASIC-resistant, meaning that it can be mined by anyone with a personal computer using its own one-click miner software.
Vertcoin claims to be “the people’s coin” and seeks to keep its mining functions decentralized and accessible to the general public. Vertcoin uses a proof-of-work consensus algorithm called Lyra2REv3.
VTC Price Analysis?
Vertcoin is trading at a price of $0.1007 with a 24-hour trading volume of $40,000.
It has a market cap of $6,763,616 and a circulating supply of 67,224,861 VTC coins.
Vertcoin is ranked #1080 by market cap. Vertcoin has a price increase of 2.8%. Let’s look at the chart for trend analysis:
Seems pump & dump type coin, facing multiple resistance, breathing on medium strong support.
Is Vertcoin a Pump and Dump Coin?
It is not possible to say with certainty whether Vertcoin is a pump and dump coin or not. Vertcoin has some features that make it attractive to miners and users who value decentralization and accessibility, but it also faces strong competition from other cryptocurrencies that offer similar or better solutions.
Vertcoin has low volume as compared to other cryptos.
Vertcoin may also be vulnerable to market manipulation by pump and dump groups who target low-volume coins with high volatility.
Also Read, Crypto Scams in 2023
How to Avoid Pump and Dump Schemes?
The best way to avoid falling victim to pump and dump schemes is to do your own research before investing in any cryptocurrency, and to be wary of any unrealistic or unsubstantiated claims about the price or performance of a coin.
You should also diversify your portfolio and use risk management strategies such as stop-loss orders and limit orders to protect your capital.
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