The Ecoin value has once again seen a four-figure percentage increase in the last 12 hours: the second time in the last three days.
Immediately before the rise, at 18:00 pm GMT on Thursday, the coin was worth $5.02 with a market cap of $25,005,761. The coin started to rise, not as fast as it had on Tuesday, but at just before midnight it was worth $62.09. Roughly 20 mins later, the coin had suddenly devalued to $33.09, with a market value of $164,825,287. By 1 am, it was $47.16.
At 09:45, the Ecoin value is now back towards $62.84, representing a 2,215.22% surge in value over the past 24 hours. Its trading volume is now $222,341.
Once obscure, Ecoin had experienced a meteoric rise in its value on Tuesday afternoon, by 17:18 GMT, Ecoin had a valuation of $289.34: a 4,880.21% increase. However by the evening, the coin had crashed with nearly a $1bn wiped off over the space of a couple of hours.
Since its sheer-cliff collapse on Tuesday evening, Ecoin had flatlined suggesting little to no activity reported from then until Thursday evening. The sudden price rise suggests an investor or group might be attempting to pull the same stunt twice, but instead of selling all at once, holding onto a portion of their assets to keep the coin’s value buoyed so as to attract more outside investment and push the coin’s price further up.
Ecoin can only be traded on the very small exchanges. According to CoinMarketCap, the coin can be had on YouBit for $102.36, Coin Exchange for $221.05 and C-CEX for $7.73. The wild price differences suggest the very real possibility of price manipulation. Most of these exchanges have significant transaction delays and gives those behind the ‘pump and dump’ ploy a larger window of opportunity to pull their investment out of the coin before others catch-on and follow suit, allowing them to sell at a premium.
In comparison, the crypto to have the next biggest push in value was Rchain, which has seen a 32.88% increase in value in 24 hours. Although Rchain has seen wild price fluctuations since Thursday, the coin has had a consistent trading volume which probably highlights the coin is being treated more as a serious digital asset, and not as a ‘pump and dump’.