Following an unprecedented day of trading for Litecoin at a higher daily USD volume than bitcoin, suspicions of a ‘pump-and-dump’ scheme in China have arisen following a correction in price.
Chinese pyramid scheme?
Just before, Litecoin has gained fifty US cents to a full US dollar in value – tantamount to Mazda selling more cars in a day than Toyota.
Reasons for these sweeping changes are as varied and unique as the current economic situations of our time. Massive new volume is coming into Litecoin from the Chinese markets, which may indicate a pyramid scheme or a short-term “pump-and-dump” are in play.
Over the next week or so, it may become apparent if this is the primary factor if the Litecoin market drops suddenly and trading in China stops suddenly in lockstep. Rumors of Dash being the next target market to inflate after Litecoin has also been referenced in meetings in China, according to 8btc.com and BitcoinTalk.org forums.
Trepidation from the recent spam attack on Bitcoin and transactional inaccuracies may be moving the market towards Litecoin in the short-term until Bitcoin’s protocol functions normally again. Obviously, the issues