Explain Like I'm Five

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ELI5 Why does crypto keep spiking for no reason? (lemmy.world)

submitted 3 weeks ago by [email protected] to c/[email protected]

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Ok, ima be totally real with all of you, I dont know SHIT about cryptocurrency or none of that, the only reason im even checking the stock market is cus since it's ASTRONOMICALLY fucked rn, I figured I'd invest a little into S&P cus "why not"

I was checking it today and I was curious about Etherium and I noticed this MASSIVE spike and it just dips right back down all in like 20-30 minutes. Wtf happened? What caused this? Is there some kinda "pump and dump" happening?

This was taken just a few minutes ago...

And I took this one just now...

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[–] [email protected] 18 points 3 weeks ago

It's all pump and dump. Look at Elon with Doge Coin. Look at Trump with his dumbass NFT "cards." Most initial coin offerings are just pump and dump schemes, and they're often based on etherium.