After hitting 6,320 satoshis lows at Binance on May 7, its lowest price since December 2017, Brazil's darling NANO soared 60% in just over two weeks.
Pumps in this currency are frequent, having gone through a similar movement in the beginning of February, when it went from 7,370 sats to an incredible 11,800 (+ 60%). In the following month he returned all the gain, and a little more.
Notice the graph above as even with several pumps, the trajectory of the currency is one: downhill.
Rain of paid posts
At the end of April, startup Wirex, openly declared support for Nano. Posts on the CEO and CMO's social networks had a very relevant reach.
Almost on the same date, ChangeNOW, a Shapeshift competitor to exchange currencies in a simple way, carried out a campaign.
In mid-May, we had a video on Youtube from the Exodus wallet reviewing Nano and comparing it with Bitcoin. The video had over 4 thousand views. The twitter account alone has more than 28 thousand followers. In defense of the guys, they had already made other currencies.
The series of coincidences begins the next day, when Atomic Wallet made a $ 500 prize on Nano.
To complete the “luck” sequence, another day has passed, and who was responsible for the promotion was the crypto travel reservation website, Travala.
Taking advantage of the wave of “good” news
Recently, Nano launched a wallet that works on Whatsapp. It shouldn't be something to celebrate, as dozens of other currencies have made similar integration in the past. The Wuabit app, for example, makes the same thing possible for Bitcoin, Ethereum and Litecoin.
They also tried to surf the announcement of the integration of Binance in the Brave browser. The “detail” is that Nano was one of several currencies accepted in this widget. To be honest, there was no mention of NANO in the promotional material.
Is there fuel in this rocket?
I definitely found nothing to justify the rally. The graph itself shows that this type of pump is common, although the medium and long term trend is quite negative.
You can always make money in shitcoin, but it is not by entering after a 40% or 60% pump that you will profit. Escape from FOMO!
About the author
Marcel Pechman served as a trader for 18 years at UBS, Deutsche and Safra. Since May 2017, he has been doing arbitrage and trading in cryptocurrencies, in addition to being a co-founder of the cryptocurrency analysis website RadarBTC.
This source of this article is portaldobitcoin.com.