Back in the parabolic bull run in 2017, more often than not, a random cryptocurrency would skyrocket and increase by a staggering percentage. In a lot of the cases, however, this was based more on pump and dump schemes rather than on actual fundamental or technical indicators.
Over the past couple of days, Futurocoin, which presents itself as “the most innovative cryptocurrency,” soared with an astronomical amount, perhaps signaling that the days of 2017 are back.
FuturoCoin (FTO) Up 10,000% In A Day
The entire cryptocurrency market has increased substantially since the beginning of 2020. In fact, the total market capitalization has surged up to $300 billion – a level not seen since the summer of last year.
One cryptocurrency in particular, however, has shadowed the growth of everything else. Self-touted as the “most innovative cryptocurrency”, FuturoCoin (FTO), has increased by more than 10,000 in a day.
FuturoCoin (FTO) Price. Source: CoinMarketCap
As seen on the chart above, FTO traded at around $0.05 on February 11th and surged to $5.12 today – just a day later. Ever since then, the price has retraced and it currently trades at $3.60, which is still more than 7000% up.
A Classic Pump And Dump Scheme?
To those who followed the cryptocurrency market back in 2017, this probably doesn’t come much as a surprise.
FuturoCoin’s trading volume during this surge comes mostly from an exchange called BitBay. One of the more popular exchanges where FTO is also traded is Coindeal, but the volume there is negligible.
On another note, the official website displays a price that is largely different than that which shows on tracking resources. Furthermore, no official response has been given on the project’s official Telegram channel or any other social media, for that matter.
The Twitter page of FuturoCoin, as well as its Facebook feed, have recently shared a post that doesn’t present any new updates. All other social media channels seem rather inactive.
In other words, there is no particular explanation for the massive pump of FuturoCoin. It begs the question of whether or not this was nothing more than a classic pump and dump scheme on what seems like a rather unknown project.
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