Altcoin Paragon pumps close to 10,000% today! Could these same tricks help Steem and SBD?!
And who says crypto manipulation is dead?!
Altcoin Paragon pumped close to 10,000% on a select few exchanges today, helping pull prices up across the board for the small cap crypto.
Before the spike, Paragon was trading around $.10 on coinmarketcap.
The spike took prices all the way up near $10 per coin:
(Source: https://coinmarketcap.com/currencies/paragon/#charts)
Most of the heavy lifting was done on the Yobit Korean exchange.
Though, as you can see, there wasn't much heavy lifting needed to really get prices moving skyward:
(Source: https://coinmarketcap.com/currencies/paragon/#markets)
Just a couple thousand was all it took!
Unfortunately for most investors, the move was mostly short lived and on low liquidity...
Well, mostly.
As of right now, prices are still holding over a dollar on coinmarketcap.
(Source: https://coinmarketcap.com/currencies/paragon/#charts)
And even more importantly, prices are now around $.85 (remember they started around $.10 there) on the exchange with close to $4 million in dollar volume...
STEX!
That means that this move wasn't as fake as it looked on first glance.
Why is this especially interesting?
Several months back, Paragon was informed by the SEC that their coin was indeed a security and they would be forced to reimburse investors that invested in their ICO at the dollar value they originally invested as well as pay a fine to the SEC.
This became especially problematic for Paragon as prices have been lower than the ICO price ever since the SEC announcement, recently trading for under a penny.
That meant the Paragon team was going to have a difficult time coming up with the money to pay back investors if they just tried going to the crypto markets.
However, as luck would have it, just two weeks before the money is due back to investors, the Paragon coin spikes 10,000% and makes it very easy to pay back investors from the 40,000 million coin stockpile the team is sitting on!
Can you say, coincidence?!
Yea, I can't either.
This was clearly the team spiking the price to make paying back investors and paying their fine that much easier without completely destroying the project.
If they can get away this, it was a genius move.
Now we just need a few moves like this on steem and sbd! ;)
Stay informed my friends.
Follow me: @jrcornel
had this shitty coin since ICO and sold some time ago..
Dang... a little too soon on the sell.
That was just crazy
Make any trades in it?
Would that be wise?
Yes and no, depends on whether paragon gets away with it or not. ;)
Hehe. You just spoke my mind...
Freaking unbelievable 🤪. This hurts all crypto’s.
Unless you are a paragon trader!
I can’t help thinking there will be a high percentage decline tomorrow too!
Thanks for sharing the news I didn’t know the story but saw the huge increase.
Would like Steem demand to be long- lived and perpetual!
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So would I, but unfortunately I think we are a long ways from that. Our development team hasn't delivered us a single thing in 2 years. Not holding my breath for that to change any time soon. Going to take some time to create real sustainable value here. We can have a few pumps in between while we wait to keep things interesting. :)
I am worried for a move like that for #steem.
I need a steady move that can catapult us in a matter of months
Keep on postin
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That would be preferable, but I will take any move that takes steem higher at this point.
Kind of sketchy if you ask me... With the SEC involved, I wouldn’t be surprised of some more scrutiny. Especially seeing if the exchange is regulated tonmist securities! But if outside the US, then what? Interesting to follow.
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Good points. I am not really sure to be honest. Beyond the SEC forcing the project to return money to American investors and then making it register as a security on american exchanges, I am not sure what else they could really do?!
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STOPinsane
Need this on SBDs in the near future, if not steem. Though steem has a much larger supply of tokens.
wouldn't that be nice😄
when you think that bull is coming? lol
I wish I knew... Doesn't seem like the main developers are going to help much with creating value. Probably going to take a pump group to move this thing.
that's the only way you see it hitting reasonable prices this yr?
What is a reasonable price?
i guess reasonable wasn't the right word... moving in the opposite direction how about?😂
Haha that works. My guess is, best chance for steem to move up would be a market wide advance. Any steem specific moves are going to be really tough to get going in the very near term.
there was talk of this with sbd some time ago and that it wouldnt take much to pump the price
Especially as the supply keeps shrinking...