Can you explain the concept of "pump and dump" schemes in relation to cryptocurrency trading?
» Investment and Trading- Pump and dump schemes involve artificially inflating the price of a cryptocurrency before selling off at a profit.
- Traders collaborate to buy large volumes of a low-value coin, hype it up, and then sell it when unsuspecting investors have driven the price up.
- Such schemes are illegal and considered a form of market manipulation, often leading to significant losses for ordinary investors.
Got a question about crypto trading. You know those "pump and dump" schemes people keep mentioning? What's the deal with them, like how do they actually work? Looking to get the lowdown on how this whole thing plays out in the crypto world.
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