🗣️⚠️Crypto pump and dump: What is it and how does it work?

⬇️Must be read to avoid pumping and emptying.

This is how it usually works:

1. Selection: Scammers choose a relatively unknown, low-volume cryptocurrency that is easy to manipulate.

2. Accumulation: Scammers accumulate a large amount of the chosen cryptocurrency at a low price.

3. Hype and misinformation: They begin promoting the coin on social media, forums, and other channels to generate buzz and convince others to buy. This often involves spreading false information or rumors about the coin's potential.

4. Price increase: As more people buy the currency, the price increases rapidly due to increased demand and limited supply.

Dump: Once the price reaches a certain level, scammers sell their holdings, making a profit and causing the price to plummet.#shib#ena #Launchpool