Handling of crypto-currencies: are they organized on forums?

The manipulations are organized by online communities.

Jake Daniels explored a scenario where he had to buy the ADA token

Forums will continue to find Crypto Revolt that are climbing and reap the money generated by media attention.

All these massive hikes organized by online communities are making a crowd of new traders drool with envy looking for the next big asset. It is no coincidence that I have noticed an increase in posts regarding participation in “pump discord groups” on Twitter.

I’m a marketing project manager at CoinSmart, a Canadian cryptocurrency exchange . My role is to create animated and topical graphics that highlight the cryptocurrency that will be talked about.

On Tuesday, February 2, I was investigating whether a particular event had been responsible for the 20% rise in Cardano’s ( ADA ) share price. Was this a new tech announcement, or a new manipulation of the WallStreetBets forum?

Browsing through the hashtag $ ADA on Twitter, I observe that it is inundated with identical tweets mentioning a group of people looking to manipulate the market.

“$ Ada handled by a lot of people tonight!”

“#Wallstreetsbets and other forums will manipulate $ ada. They have already attacked $ xrp, $ doge, $ gme and $ amc! Check the court of these assets ”.

I considered this situation, and envisioned a scenario where if I were to buy ADA while under the effect of FOMO, what would happen?

Cryptocurrency case number one: ADA

The first order: Browse tweets about ADA manipulation and merge them into intervals to measure trading volume . You will find below this volume on the history of the token price.

Although it may be a coincidence, when the volume of spam increases, a slight increase in prices ensues. Maybe a few people realize the situation and decide to buy. Or maybe it’s trading robots that use this indicator as a buying factor.

Let’s zoom out for a few hours and put that into perspective.

We can see spam rushing through Twitter when the cryptocurrency has hit its peak: one minute, actually. We, the amateur investors, do not yet know that this is the right time.

Instead, we take a look at GME, AMC and DOGE cryptocurrencies and stocks, which have risen by over 100%, and hope that this so called “#wallstreetsbets in partnership with Discord” will do its magic!

With perfect anticipation? It certainly doesn’t sound like market manipulation. In any case, their method worked.

Find more examples

I want to know more about the consistency of this group and its patterns. So I zoom out again.

Below I have counted the number of times the group URL is found in tweets. These tweets have again been grouped into two minute intervals where each color represents a different message.

“XRP and DOGE cryptocurrencies were boosted by the same group that drove AMC and GME stocks soaring. This group grew to 50,000 members in 24 hours. “

“This forum is going to push XRP up tonight at exactly 9pm GMT. They also brought up the DOGE a few days ago. “

“The price of XRP is boosted by a forum that also raised the DOGE. The #dogecoinarmy is formed in a group of 200,000 members. „