How telegram airdrops affect the overall market sentiment.
Everyday new airdrops are being introduced through telegram bots which led many new investors onboard in the crypto market and the majority of the investors have zero knowledge about crypto. They come into the market through telegram airdrop "so called click to earn airdrops" and scammers target them to do pumps and dump of tokens through the telegram channel by inviting into free groups as a result many of the new investors lose their money. Which overall affects the whole crypto market sentiment and makes the market volatile.
"Greedy is a part of the emotions of all the investors". Many investors try to catch the opportunity of the pump and dump of the token and become the victims of the scammer. which overall affects the whole crypto market. Bitcoin dropped 13% from its Sunday closing price to $51,560, heading for its biggest one-day fall since November 2022 and its lowest level since February. Ether fell 17% to $2,277, its lowest since mid-January. Ethereum price on Monday was $2,332, down 19.71% from the previous day.