Is LOOM Token in a Pump And Dump Scheme?

[Suba]

LOOM is the native token of the Loom Network, which is a protocol that runs on the Ethereum blockchain. Loom token was listed on the Binance exchange in March 2023. The current price of Loom token is $0.3414, Total supply is 1300 million Loom. The ATH of $0.0077 occurred in May 2028.

Starting from September 16, 2023, the price of Loom tokens increased 10 times in a month from $0.046 and became $0.5 on Oct 15, 2023, but then fell. (see current price above).

According to Etherscan, almost 50% is owned by one entity (one wallet address 0xcE7b6F299e0F2575A7d3fAd2Adf187fea0Bde6b5), having
624.3 million Loom or $236 million or equivalent to 47.9% of the total token supply.

According to the @lookonchain account on Twitter, it is suspected that the wallet address is affiliated with the Upbit exchange and has been accumulating LOOM 143 days ago, or two months since Binance listed this token.

Currently Loom token has been included in Binance's watch list as a crypto that has very high volatility.

 

[riberet19]

I didn't know about this token until I read this post, thanks for your contribution, I still think it's too early to say if it's a Pump and Dump token since it only exists since March of this year, it will have to be added to the watchlist.

 

[Suba]

I didn't know about this token until I read this post, thanks for your contribution, I still think it's too early to say if it's a Pump and Dump token since it only exists since March of this year, it will have to be added to the watchlist.

In fact, the Loom token has been launched since 2018, and is a sleeping token, but since it was listed on the Binance exchange, it seems that the Upbit exchange has bought up this token for almost 50% of the total supply, of course it will be able to control the price easily. Pump and Dump schemes are a call to retail investors to be careful.

 

[Goldynn89]

There was a period towards the beginning of this year when Loom pumped this way too. It seems that the coin has become very attractive for pump and dump cryptocurrency groups.
It led my portfolio to doom instead which is why I always remember it.