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Money Monday: Crypto Rug Pulls: The Altcoin Slow Bleed

Too many altcoins have been turned into “shitcoin”

$JASMY is probably the best example of a rug pull coin on the Coinbase exchange. Other altcoins are following en suit.

$JASMY has dipped ~95.6% from its all-time-high, making very minor and insignificant jumps on its slow-bleed down to virtually zero.

When coins retrace this quickly and this much, it’s usually an indicator that investors are looking for the next quick exit out and cutting their losses.

As a new investor looking at this coin, it’s difficult to take on a new position – the bottom is always zero and the dips don’t appear to be stopping.

The same case can be made for $COVAL. The trends are very similar and with each pump, it appears investors are looking for their next quick exit.

Both $JASMY and $COVAL pump and dip at similar intervals and both coins have been making lower-lows on their way down.

It could be their exposure to exchanges like Coinbase that invite “pump and dump” price action – retailers are looking to take advantage of a new coin on the exchange, go all-in, and exit quick when the price pumps. Or it could be the lack of general interest in the project accounting for the slow bleed in market cap for each of these coins.

Whatever the case may be, coin devs are doing little to nothing to bring in new money or offer traders incentives to hold.