Sumokoin price discussion

[ttookk]

Hello all,

this is the SUMO price discussion thread. This is mostly meant to keep the Ann thread a bit more on point.

Link of the Sumokoin Ann thread (moderated):
https://bitcointalk.org/index.php?topic=4466988.0

Let me open this by quoting two posts:

Why such a dump ?

Because it was no organic pump. A small coin with no really big news going up by that much in the current climate...
All indicators tell you that this was either an individual or a small group blowing up the price once Cryptopia trading was enabled again. So, someone pumped up the price, unloaded the Sumo they either mined or bought at tradeogre and left. Without support, of course this was what was going to happen. Don't expect it to go back there for quite some time. Unless someone decides to push up the price again, you'll have to wait until the overall market sentiment turns bullish again.

Why such a dump ?

Because it was no organic pump. A small coin with no really big news going up by that much in the current climate...
All indicators tell you that this was either an individual or a small group blowing up the price once Cryptopia trading was enabled again. So, someone pumped up the price, unloaded the Sumo they either mined or bought at tradeogre and left. Without support, of course this was what was going to happen. Don't expect it to go back there for quite some time. Unless someone decides to push up the price again, you'll have to wait until the overall market sentiment turns bullish again.

(…)

 Some whales or semi-whales capitalized on the anticipation and dumped it on the head of those who expected an Indodax-pump.

Many whales bought in a month ago when Sumokoin was already in a position to win the Indodax vote.
(…)
Either a dev or some whale obviously orchestrated/paid to have Sumokoin win the vote on Indodax - (…)

Well, that's pretty much what I said: a group of people manipulated the price. The Indodax listing was a catalyst at best. We are not in a climate where good news create good upward moves in general. The bearish sentiment is still overpowering, which means bad news are overemphasized and good news are ignored. Going against the market sentiment is suspicious. There's a good chance the STQ pump was orchestrated as well, btw.

Feel free to add to the discussion.

[ManuBBXX]

Price reached the bottom at 9K, we will see a nice boost the next days

[ttookk]

Price reached the bottom at 9K, we will see a nice boost the next days

I am not too sure about that. I mean, the current overall sentiment starts to turn bullish and I would not be surprised to see alts doing well, including Sumo. But the pump we saw the last few days was an outlier with little fundamental basis backing it up. Getting the 100+% again doesn't look likely to me.

Or am I missing something? Is there some indicator I'm not aware of?

[h0g0f0g0]

It was clearly a price manipulation. To unload a large chunk (premine?) on new joiners.
Which I don't find fair at all. But fair has left sumo quite some time ago..

[xenomorphe1]

It was clearly a price manipulation. To unload a large chunk (premine?) on new joiners.
Which I don't find fair at all. But fair has left sumo quite some time ago..

There is no rules in cryptos. That's why you should be really careful before investing.

[ttookk]

It was clearly a price manipulation. To unload a large chunk (premine?) on new joiners.
Which I don't find fair at all. But fair has left sumo quite some time ago..

"fair has left Sumo" indicates that part of the sumokoin community or even the devs are involved. Truth is that this is a common occurence for smaller projects. Sumokoin was a good target, because of Cryptopia pausing the market. This led to less reliable price action, smaller markets gave the possibility to accumulate.