LITTLE KNOWN TOKEN PRICE GOING TO THE MOON
On February 25, ABBC Coin, an obscure token issued by Belarus-registered and Dubai-based ABBC Foundation, was trading at around 0.10 USD according to Coinmarketcap. On March 7, the token hit a price level of 0.62 – a fivefold increase in just 10 days!
Even by the heady standards of the great crypto gold rush in 2017, that is an outstanding increase helping the token catapult into the top 30 on Coinmarketcap and boasting a market cap of close to 250 million USD.
Alibaba, however, was swift to react to protect its trademark and sued Alibabacoin Foundation for copyright infringement which was upheld at a U.S. court. Alibabacoin was forced to drop the ‘Alibaba’ name and renamed itself as ABBC.
Since then the price of ABBC Coin tumbled by more than 95% and was trading in the range of 0.03-0.10 USD.
That all changed in the last week of February.
SO WHY IS IT GOING TO THE MOON NOW?
The first point to note is that there have been no recent developments or breakthroughs reported by the company which could plausibly explain the move.
Secondly, the credibility of the project and the team is highly questionable. The whitepaper and the website are poorly written with a number of grammatical errors and vague sentences. Although the current roadmap presented on the website looks different, in an earlier version of the roadmap circulating on Reddit, it contains such gems as “2019 4Q: ABBC market cap reaches 140 billion USD”. Moreover, the team seems to consist of a motley collection of developers completely unknown to the crypto community.
Thirdly, even though ABBC Coin raised only USD 3.5 million in the ICO, the daily volume has been averaging over USD 30 million which is more than the volume traded in more established tokens such as IOTA and Cardano.
All this leads to only one logical conclusion.
A ‘PUMP-AND-DUMP’ SCHEME IN PROGRESS?
Based on the fundamentals of the project, there is a high possibility that the rally is entirely fake. The scarcely believable volumes could only be a result of wash trading designed to prop up the ABBC Coin price to the moon.
What lends credibility to this theory is the airdrop of 500,000 ABBC Coins that the ABBC Foundation conducted on Coinbene, a Singapore registered exchange between February 20 and February 24. Immediately after the ICO ended, ABBC Coin started mooning leading to the 500% increase to its all-time high of 0.62 on March 7.
500000 ABBC Give Away on CoinBene Now https://t.co/Tb1OpPak5I
— CoinBene Global (@CoinBene) February 20, 2019
can we bring awareness that $ABBC is a SCAM and lobotomized individuals are buying it? retweet
— Poor Bitcoiner (@poorbitcoiner) March 7, 2019