Hotdog Token Went up From $ 5 to $ 6200 and Dropped to 0

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Kataryna Habeliia September 4, 2020

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The Hotdog token went up in price from $ 5 to $ 6200 in a day and in 5 minutes fell to 0

A new project in the field of decentralized finance (DeFi) appeared on September 2 and increased in price by 120,000% on the first day. On the second — the cryptocurrency has practically depreciated.

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The sphere of decentralized finance (DeFi) has become famous for the fact that related tokens rise in price by hundreds and thousands of percent in a short period of time. But today there was an unprecedented incident. The Hotdog cryptocurrency, released on September 2, increased in price from $ 5 to $ 6200 per day, that is, by more than 120,000%.

Today the situation has changed. After breaking the $ 6,000 mark, the Hotdog token price began to fall rapidly, and in about 5 minutes fell to $ 0.015.

“Pump & Dump” Scheme

Such movement of quotations is usually typical for the “Pump & Dump” scheme when attackers artificially “accelerate” the rate of a low-liquid asset. And then they sell it to users who are ready to buy an unknown, recently appeared coin due to a sense of lost profits.

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Over the past day, a similar story happened with the Pizza token. It was also released yesterday and initially cost about $ 1. During the day, the price of the altcoin rose to $ 1100, but immediately after that, it began to plummet. Now the coin is trading at a rate cheaper than the dollar.

The most famous DeFi project is the yEarn Finance (YFI) platform token.

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The coin was released on July 18 and cost $ 32 on the first day. By the current moment, the price has risen by almost 100,000%, to $ 31,000, and at the moment it reached $ 38,000. The developers of the asset themselves called it “absolutely useless.”

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