An Unknown Cryptocurrency Jumps 164,842% in 3 Hours Then Falls By 99%
Unofficially named as WebDollar (WEBD), this unknown currency suddenly gained a rise in the value of extreme numbers, jumping percentages of the thousands in just a few hours.
According to statistical data from sources, the currency managed to take over the 17th spot in the Top crypto after the sudden gain. Around $7.6 Billion made an entrance into the crypto market via this mysterious coin yesterday. Seeing the records, the price of this token grew abnormally from around 0.0003711 to nearly %0.6121 in between 9-12 GMT. This huge price increase meant that the token gained around an absurd 164,842% in market value. As the price increased, so did the volumes, as the drop in volume numbers went from $345K to around $318K as the event occurred.
When did all of this happen?
The analysis of those 3 hours was something really interesting to look at, as it displayed a visually pleasant set of jumps and falls. Analyzing the data from CoinMarketCap, highlighted that the initial price jump of the supposedly named WEBD currency led to a rise of market cap from around $1.84Million to $1.5Billion in just 3 minutes which is just an insane level of the hike. The initial jumped occurred at around 9:54-9:59 GMT.
Followed by the price hike came a huge downfall at around 10:39 GMT, leading WEBD’s market cap to take a hit, dropping back to $5.12 Million, which was then followed by another sudden huge price hike just after an hour, moving the market cap to rise to a staggering $9.5 Billion in value. At this point, WEBD managed to take hold of the 17th Spot in the world’s biggest cryptocurrencies list, rated by total market capitalization, completely annihilating well-known blockchain-based protocols including Stellar and Tron.
Soon after the insane rise, the currency plunged hard, as the market capitalization dropped more than 99%. At around 7:00 GMT, the market cap settled at $10.38 Million. The currency that managed to take the 17th spot now received a harsh fall, as the ranking dropped to 873 on the list.
Strange Behavior
This fiasco that happened yesterday showed signs of a ‘pump and dumped’ token activity. The tokens arise from a single crypto exchange named IndoEx, which is an exchange that is functioning under IndoEx LTD, apparently registered in the UK.
The Strange thing about IndoEx is that the one and only single stakeholder of IndoEx, named Collin Spencer, is nowhere to be found; meanwhile, most of IndoEx’s employees have their LinkedIn profiles hidden from sight, giving hints of suspicious activity.
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