"Evidence shows Ashcrypto publicly called the ROYA token while simultaneously telling followers he was holding 100% of his investment, which indicates a clear pump-and-dump structure. This pattern of behavior has been executed many times before, often amplified through social media rather than onchain coordination alone."
"Illiquid, centralized-exchange-listed tokens are particularly vulnerable to manipulation since small order sizes can move prices significantly. This allows influencers with large followings to generate real short-term demand from a single public call."
ZachXBT provided evidence that Ashcrypto, a crypto influencer, publicly promoted the ROYA token while misleadingly claiming to hold and buy more. This behavior exemplifies a pump-and-dump scheme, where influencers create artificial demand for illiquid tokens on centralized exchanges. Ashcrypto's actions are not isolated, as he has been linked to similar manipulations involving other altcoins. The vulnerability of illiquid tokens to such schemes is heightened by the ability of influencers to sway market sentiment through social media, leading to significant price movements from small trades.
Read at news.bitcoin.com
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