While accusations of a pump and dump should never be handed out lightly, Syscoin experienced a brief rise too dramatic to ignore. On Binance, the coin reached an astronomical level as a buy order for Syscoin was placed at 96 BTC
The enormous buy order drew the attention of traders and exchanges alike. Poloniex froze trading during the coin’s rise at around 5000 satoshi in value. Trading briefly resumed, until the project team’s official Twitter put out a request asking exchanges to halt trading
The situation is similar to what Bytecoin experienced last May when it was listed on Binance. A pump occurred, sending Bytecoin to over 30 times its value in less than a day. Their blockchain then also experienced problems, and bagholders were forced to look on as the coin dropped in value and they were unable to move or sell their holdings.
Other users were quick to notice anomalies in the coin’s trading today
Blockchain Anomaly?
A serious problem on top of this could be at hand. One transaction on blockchain shows a value of over 1.2 billion Syscoin being moved. According to CoinMarketCap, less than half that amount are currently in circulation: