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The price of the Incent token jumped by 1.5 million percent per day, and then collapsed

On January 17, the Incent token went up in price by 1.5 million percent and took the second line from the list of the largest cryptocurrencies by capitalization. The price of the altcoin exceeded $ 3.5 thousand, and its market value reached $ 164 million. Immediately after that, the asset rate fell sharply, as of the morning of January 18, the coin costs $ 0.01, writes RBC Crypto.

According to the Coinmarketcap service, the altcoin is listed on one exchange – Folgory. Over the past day, the amount of transactions in the only pair of Incent with Bitcoin is $ 318. At the same time, on the night of January 17, when the cryptocurrency rate was at its peak, the service showed a trading volume above $ 108 million.

When the price of altcoin exceeded $ 3.5 thousand, technical problems were observed on the crypto exchange. Usually, the value of assets with low liquidity can be artificially inflated using a Pump & Dump scheme.

At the end of 2020, the bitcoin rate reached $ 2 million on the small crypto exchange Livecoin. Also on it, the price of Ethereum rose to $ 15 thousand, XRP token – to $ 17. Almost all cryptocurrencies presented on the site have grown tenfold or more. At the same time, the exchange closed the ability to withdraw most of the assets.

In the field of cryptocurrencies, there are fraudulent projects that deliberately inflate the price of assets in the hope of attracting users who want to make money on the exchange rate difference between the exchanges.

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