This unknown cryptocurrency soared by 164,842% in hours, only to crash 99%

[sirty143]

About $7.65 billion entered the cryptocurrency market in just three hours via a widely unknown altcoin on Monday. Dubbed as WebDollar (WEBD), the token’s per-unit price surged from $0.0003711 to $0.6121 between 9:00 GMT and 12:00 GMT. That marked a little over 164,842% gains in its market valuation. Nevertheless, the price spike accompanied declines in volumes; they dropped from around $345,000 to $318,940 during the rally. See more for yourself here.

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[TomPluz]

A very classic example of a pump-and-dump coin, indeed! But I am just wondering why things happen this way in the cryptocurrency space? This is not actually good in the long run because in the eyes of an investor a thing like this can mean extreme risks. Not to mention that it is possible that there can be big manipulations involved behind closed doors. Now, am also wondering: who made the big money out of this session?