So I spotted this project originating from New Zeeland, ICO totally under the radar with veiled token metrics. Nobody in their right mind would enter.
This week it pops up listed on SingularX, a DEX owned by guess who.....Centrality!
Now, since this exchange is basically not trading any volume on anything, to my big surprise I see CENNZ trading with some volume.
Not only that, but it's trading at 10x ICO price (ICO was 11500 CENNZ to 1 ETH)! Now how is that possible for a totally unknown coin released in bear market?
Well, let's take a look at the order book.
https://ex.singularx.com/exchange/CENNZ/ETHHmm, some large positions on the sell side of the book, and buy side thin as a leaf but somehow traded to 10x (it opened around the same price and never really moved, how often does that happen?). How on earth did it even make it to 10x?
Who ever is making this market doesn't risk very much by putting in a few ETH on the buy side to prop up the price. They are making the book on their own project on their own exchange!
Looking at the flow of executed trades gives further clues, the large trades are all on the buy side taking the ask from sellers, while the people selling to bidders are small. This indicates that buyers are taking their own sell orders (to make it look like they are prepared to pay 10-11x ICO), just circulating their own money.
Look out for these scams peeps. When this comes out on a larger exchange they will try to establish the price level based on the above to suck people into their rich quick scheme. There is nothing fundamental in this project that motivates this price level, artificially inflated by an unethical project. Always DYOR and invest in projects that are fundamentally good and doesn't use tricks like this.
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