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Hotdog Token Went up From $ 5 to $ 6200 and Dropped to 0

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Hotdog Token

The Hotdog token went up in price from $ 5 to $ 6200 in a day and in 5 minutes fell to 0

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

Hotdog token

The sphere of decentralized finance (DeFi) has become famous for the fact that related tokens rise in price by hundreds and thousands of percent in a short period of time. But today there was an unprecedented incident. The Hotdog cryptocurrency, released on September 2, increased in price from $ 5 to $ 6200 per day, that is, by more than 120,000%.

Today the situation has changed. After breaking the $ 6,000 mark, the Hotdog token price began to fall rapidly, and in about 5 minutes fell to $ 0.015.

“Pump & Dump” Scheme

Such movement of quotations is usually typical for the “Pump & Dump” scheme when attackers artificially “accelerate” the rate of a low-liquid asset. And then they sell it to users who are ready to buy an unknown, recently appeared coin due to a sense of lost profits.

Hotdog token

Over the past day, a similar story happened with the Pizza token. It was also released yesterday and initially cost about $ 1. During the day, the price of the altcoin rose to $ 1100, but immediately after that, it began to plummet. Now the coin is trading at a rate cheaper than the dollar.

The most famous DeFi project is the yEarn Finance (YFI) platform token.

Hotdog token

The coin was released on July 18 and cost $ 32 on the first day. By the current moment, the price has risen by almost 100,000%, to $ 31,000, and at the moment it reached $ 38,000. The developers of the asset themselves called it “absolutely useless.”

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