Loom network madness

[AbuBhakar]

This token manage to pump an insane 1000%+ in a few weeks despite the bear market and completely erase the profit after 4 days.

I’m not sure what this token but this makes me intrigued seeing how quick the sell off escalated. There’s a speculation that Upbit is behind the self-off after their wallet moves a decent amount of token to the exchange.

Somebody here die on whack pump and dump ride?

Source: https://cryptopotato.com/loom-network-price-tanks-over-70-in-four-days-but-could-this-new-crypto-have-higher-potential/

[DeathAngel]

Looks like a good old classic pump & dump, we’ve seen it happen over & over again. Anything centralised with a near infinite supply that has been pre mined to hell & back, distributed to the devs & investors needs to get in the bin. Do your own research people but in this instance, I am not surprised to see a sell off of epic proportions, it’s what these rug pullers do.

[JeromeTash]

I saw this coin pumping a while back. I did make some profits spot trading it, though not so much like people who bought it and held it all the way from $0.042. The ICO market hype back then taught me some hard lessons about pump and dump schemes, so the loom situation doesn't seem any different. Also, how does one entity end up owing almost a half of the token supply while others were looking on like that.

[makishart]

Those who bought at the top price has been losing more than 70% if their investment.

https://coinmarketcap.com/currencies/loom-network/

The chart is telling us if this is a complete pump and dump coin. I expect a small recovery to happen but it will be also followed by another dump that keep occurs till the price of loom will be going back again to the around 4 cents. 10 cents is too big for looms.

I think that another bottom price will be achieved once this coin will be going to the below 10 cents. It's only matter of time until will be dumped again.

[Husires]

Somebody here die on whack pump and dump ride?

This token will return to pumping again, and it may be the last, as some will be driven by greed and greed to invest in the hope that it will achieve profits or that the price will rise again, but in most cases there will be thousands of bots that will make executing any withdrawal order in a timely manner almost impossible.

If you find a good, reliable exchange with sufficient liquidity and you have a trading bot, buying $50 will not cost you anything, but unless these three conditions are met, you will be scammed.

[MAAManda]

I’m not sure what this token but this makes me intrigued seeing how quick the sell off escalated. There’s a speculation that Upbit is behind the self-off after their wallet moves a decent amount of token to the exchange.

Upbit was not involved in this case, after doing some research, it was discovered that traders in South Korea were the masterminds of this chaos. I didn't think there were so many people trapped in this token, even though from on-chain data, people can see that the developers of this project are no longer very active in developing it.

The news from Cryptopotato might provide a more detailed explanation regarding this chaotic incident: https://cryptopotato.com/heres-why-loom-price-is-down-over-70-in-the-last-4-days/

[cryptoaddictchie]

Somebody here die on whack pump and dump ride?

Ive witnessed this on a raging pump but didnt bother to join since its pumped a lot already. I dont want to get hyped with the pump and suddenly youll be an exit liquidity which happened on aomw users due to huge crash. Anyway its always good to enter early to some alts with major upside and exit with a good pumped. But catalyst are hard to find which one to pump hard like the loom movement.

[ultrloa]

This token manage to pump an insane 1000%+ in a few weeks despite the bear market and completely erase the profit after 4 days.

I’m not sure what this token but this makes me intrigued seeing how quick the sell off escalated. There’s a speculation that Upbit is behind the self-off after their wallet moves a decent amount of token to the exchange.

Somebody here die on whack pump and dump ride?

Source: https://cryptopotato.com/loom-network-price-tanks-over-70-in-four-days-but-could-this-new-crypto-have-higher-potential/

Don't get surprised about such movements acquired by them since it also happen to other shit token and sometimes the dev itself manipulate their alt so that it can catch the attention of those people seeking for good altcoin to trade. meme coins are mostly common with such scheme and since it already happen that insane pump occur I think maybe you need to be aware or careful since after that the team might secure their profit and dump their token.

I never got a news about that token so maybe they are not actually a famous token since if they gather huge hype before for sure that many people will talk about their existence before and even know. I also got the news about this pump to you so maybe many people didn't ride on the train and they got only surprise to see the stats but maybe they are still not buying those news.

But for newbie maybe they will get interest since most of the time newbie might think about grabbing some shits when all time high happen and they lose instantly when dumping stage occur so they need to watch on such events since this is common mistake they made and need to be correct to avoid big lose of money on their pockets.

[coin-investor]

Is it because of Upbit's sell-off, and where did that news come from? Pushing up the price and then dumping it is not uncommon in the cryptocurrency market. I think this token might push the price up near its previous peak again in 2023.

What can you expect from a token with one holding 47% of the coin's supply.
 

wallet holding over 47% of LOOM’s supply has started offloading tokens, sparking fears of potential price manipulation.

but if the project has potential it will recover and the price will be stabilized, checking Loom network they are an old project with good potential if only there is no one wallet with a huge supply to avoid manipulation of the price.

Loom Network began in early 2017 and was part of the Techstars New York 2018 startup program.

We are a production-ready, interoperable blockchain platform — providing the tools and connections developers need to launch high-performance dapps to large audiences.

https://loomx.io/jobs/

[makishart]

Is it because of Upbit's sell-off, and where did that news come from? Pushing up the price and then dumping it is not uncommon in the cryptocurrency market. I think this token might push the price up near its previous peak again in 2023.

None was knowing where the heck rumor is coming from. I have heard that too if the loom pump caused by upbit has been rumored to add it. The price is going down again drastically after it was getting very big pump.
The token is not going to push to the previous ATH. It's going back slowly but surely to the what it should be. We will be seeing gradual pump and dump to occur on this token.
The speculation about it is not yet disappearing. People are still talking so much about loom these days. I expect the intensity of people who talked about this coin will be less in the upcoming days.
Loom is going down again.  

[kentrolla]

It's not something new and what else can we expect from a coin wherein almost half of its supply is held by one account, this was a dead project wherein development was halted and they are not even active but still once people saw it pumping they got panicked and got into FOMO mode and jumped in without doing research. We need to remember that there were hundreds of coins which played similar techniques and if we are going to invest or if we see any coin pumping more than 10% we should check about the coin's potential and reason behind the pump, if we don't find any valid reason behind pump then it's a scripted plan from developers or group of traders to pool in more money and dump it when it's at peak.

[jaberwock]

Somebody here die on whack pump and dump ride?

Ive witnessed this on a raging pump but didnt bother to join since its pumped a lot already. I dont want to get hyped with the pump and suddenly youll be an exit liquidity which happened on aomw users due to huge crash. Anyway its always good to enter early to some alts with major upside and exit with a good pumped. But catalyst are hard to find which one to pump hard like the loom movement.

What you did is right, you are not a newbie already to commit a mistake and you think you are not an idiot to repeat the same mistake again. The essence of investing must be to buy low and sell high only and we shouldn't ever entered a moving train as it was very risky.

Many new altcoins can start with a very low price but we must be careful about them and it's better to just go on a coin that has an experience already because there is a big chance that they can repeat their good performance again. We can also re-buy the coin again and won't abandon them permanently like others are doing in a newer coin. Last but not the least is, they are also easy to find.

[Husires]

Ive witnessed this on a raging pump but didnt bother to join since its pumped a lot already. I dont want to get hyped with the pump and suddenly youll be an exit liquidity which happened on aomw users due to huge crash. Anyway its always good to enter early to some alts with major upside and exit with a good pumped. But catalyst are hard to find which one to pump hard like the loom movement.

Even if you are lucky and enter early and get an upward pump, there is no guarantee that you will sell at the right time or that there will be enough sell orders to execute your sell order. When there is an upward pump in currencies like these, there will be manipulation in the possibility of withdrawal, especially if trading volumes are low or all of the liquidity is controlled by one party or if the token is listed on two or three exchanges.

old classic pump & dump is scam, it is difficult to get money from an active scam, if we avoid ethics.

[cryptoaddictchie]

When there is an upward pump in currencies like these, there will be manipulation in the possibility of withdrawal, especially if trading volumes are low or all of the liquidity is controlled by one party or if the token is listed on two or three exchanges.

Its listed on centralized exchange so Im pretty sure they have enough liquidity on that. Its not like we are trading a shitcoin but this is a Binance listed token where the volume is high and a lot of users trading it. You are right on some point but how can there be a manipulations on withdrawal? We are talking about trading activity not cashing out money. I believe manipulations can be done on this but not this kind of way.

[DapanasFruit]

This token manage to pump an insane 1000%+ in a few weeks despite the bear market and completely erase the profit after 4 days.

An amazing pump and an equally amazing dump as well. I don't know but I think I have seen this same story written all over the cryptocurrency industry...an industry that is now known to be full of scams, failed project and manipulations. This is not me saying there are no good platforms or projects even shining their brightness right now because we also have a plenty but then it is discouraging to see many investors and holders who became victims of this pump-and-dump scheme, at the end people who are holding empty plastic bags with sad faces. Unfortunately, this LOOM story is not going to be the last.

[GreatArkansas]

It is really fishy, as you can see how it was dumped after the pump. A very classic pump-and-dump action. It's just sad for people who fall for it.
The pump is not healthy, it's just a huge wick, and more likely it was manipulated because as you can see now, the price was dumped. For sure someone already exit on this other altcoin.