What are the red flags I should look out for to avoid falling victim to pump and dump schemes in the crypto space?

3 answers

• Dec 27, 2021 · 3 years ago
  One red flag to watch out for is sudden and significant price spikes in a short period of time. These spikes are often a result of coordinated efforts to artificially inflate the price of a cryptocurrency before selling it off at a profit. Be cautious of any coin that experiences rapid and unexplained price increases.
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• Dec 27, 2021 · 3 years ago
  Another warning sign is excessive hype and promotion surrounding a particular cryptocurrency. If you see a lot of buzz and excitement without any substantial news or developments to back it up, it could be a sign of a pump and dump scheme. Always do your own research and don't blindly follow the crowd.
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• Dec 27, 2021 · 3 years ago
  At BYDFi, we prioritize transparency and fair trading practices. When it comes to pump and dump schemes, it's important to be aware of unusual trading patterns. Look for abnormal volume spikes or sudden price drops, as these can indicate manipulative trading activities. Stay vigilant and report any suspicious activities to the relevant authorities.
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