Token Hotdog for a day rose from $5 to $6200 and in 5 minutes it became cheaper

[sery2013]

A new project in the field of decentralized finance (DeFi) appeared on September 2 and on the first day increased in price by 120 000%. On the second, the cryptovolta almost depreciated.

The Decentralized Finance (DeFi) industry is renowned for its tokens that cost hundreds and thousands of percent in a short period of time. But today, an unprecedented event has occurred. Released on September 2, the Hotdog cryptovoltaic currency increased in price from $5 to $6200, i.e. by more than 120 000% in a day.

Today, the situation has changed. After overcoming the mark of $6000, the price of Hotdog token began to fall rapidly and in about 5 minutes collapsed to $ 0.015. Such quotes movement is usually typical for the "Pump&Dump" scheme, when the intruders artificially "accelerate" the low-liquid asset rate. And then they sell it to users who are ready to buy an unknown, newly appeared coin because of the feeling of lost profit.


During the last 24 hours a similar story happened with Pizza token. It was also released yesterday and at first cost about $1. During the day the price of altoin rose to $1100, but immediately after that it began to fall rapidly. Now, the coin is traded at a rate cheaper than dollar.

The most famous project in the DeFi sphere is the token of yEarn Finance (YFI) platform. The coin was issued on July 18 and on the first day it cost $32. To date, the price has risen by almost 100,000% to $31,000, and at the moment reached $38,000. The developers of the asset themselves called it "absolutely useless".