A relatively unknown cryptocurrency coin is making serious gains. The coin is known as ABBC, and many have begun asking the driving force behind this. ABBC has descended to the moon so fast and left some of the market hotshots behind.
The leading two cryptos, Ethereum and Bitcoin cannot catch up with the new price surge of this little known crypto. The ABBC to dollar rate of this coin shot to 65% on Thursday. As that happened, the market cap of the coin also doubled. It was able to move from its previous price of $135.82 to $249.74 million.
This upside push has earned the coin new great opportunities. For instance, it is now playing in the club of the leading 25 cryptos.
The Force Behind ABBC’s New Price Pump
The ongoing ABBC price increase can be attributed to two main theories. The first theory is connected to an airdrop. The other theory is about a fake pump. However, the fact is that ABBC is one of the most beautiful blockchain projects. Its main proposal is all about coming up with the best blockchain-based facial recognition platform. The platform would enable the users to pay by just using their faces. That is one of the main selling points of this amazing coin. It explains why a group of capitalists has added circa $249 billion to the coin’s market capitalization. Besides the two theories, analysts believe that this is what has sustained the recent rally.
The Fake Pump Theory
This theory can also not be dismissed fully. There are so many things that can be summed up from the proportionality of the ABBC price rally. There are certain possibilities that it could be entirely artificial. It shows that persons are purchasing their assets and also promote them on social media platforms. This is the only way of coming up with an hysteria.
This is also another way in which the price might go higher. The persons who pumped the price of the asset initially now think that it is the best time to dump all their holdings at a higher rate. Other investors are left holding the bags as they sell the profits they have accumulated. That is what can be best described as a pump-and-dump.
What’s Next For ABBC?
When it comes to the volume, ABBC probably changed hands with some of the leading cryptos. The BTC, Ether, and the USDT are the main ones. There is a total of $46.75 millions worth of trading volume involved here. A number of these trades were hosted by Bit-Z and IDAX.
There is one thing that is so certain about this new rise acquired by ABBC. There are high possibilities that the traders would leave their long positions at the higher highs. This would greatly influence other traders to drop the ABBC holdings that they have for a good price.
ABBC is currently at its all time high. Most crypto traders and users might see this as a great opportunity. Market analysts, however, do not think that is true.