Please guys I am relatively new into crypto. Some one added me to a coin pumping telegram group, since then I have been reading posts there, but don't understand what is going on there. What is coin pump all about?
Pumping is process where you gather in the team and put higher bids on the specific coin at predefined time and thus you are artificial rising it’s price to higher rates. The use of this? Well, you guys buy large amount of coin at lower rates and when other people see the coin is rising in the value then they naturally put their money into such coins and thus make it grow even larger in price. The end result is 200-500% rise in the initial value at which you bought the coin. This makes you 200-500% profits on your holding which you sell at that high rate. That’s what pumping is.
However, you should not try this one and neither you should promote it because it is illegal stuff to do.