‘Coinbase Listings’ Return: 200% OmiseGo Pump and Dump Raises Eyebrows

[Oxumare]

The launch of support for OmiseGo sees an 80% trading premium, a sudden price breakout and renewed accusations of insider trading.

Controversy has returned to cryptocurrency exchange Coinbase after an altcoin it listed surged 200% in 15 minutes — only to crash immediately afterward.

Currently a topic of interest on social media, Coinbase’s listing of OmiseGo (OMG), the 34th ranked cryptocurrency by market capitalization, also sparked familiar accusations of insider trading.

Coinbase ‘premium’ reaches 80%
“OmiseGO (OMG) is launching at http://Coinbase.com and in the iOS and Android apps within the next 15 minutes,” the company tweeted on May 21.

The first day’s trading was marked by OMG trading at a significant premium over other exchanges, notably Binance. At one point, the premium reached 82% on five-minute closing prices.
Matt Casto, an analyst at crypto asset trading group CMT Digital, described the situation as “ridiculous” and argued that the premium was creating “new lifetime bagholders.”
One 15-minute period further saw a 200% price increase, after which the altcoin almost immediately crashed.

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