Whenever I visit several crypto channels on telegram , I see alot of different channels who engaged in pump and dump schemes and one of the strategies they use is that they will lure alot of traders into taking some certain trades and they tell the trader that a pump is about to happen and that they should quickly get into the market before the pump occurs , they try to convince alot of traders as much as possible to enter into the market , some of these scams even give them the certain time the supposed pump will occur and the coin they want to Pump..
Now the traders believe a pump is about to happen as said and they quickly go into market at the time which was mentioned ,now the scammer already would have purchase a huge amount of the coin at a lower price before that day or hours before the time he asked the traders to enter the market ...so what the scammer does is that immediately the traders enter the market , he dumps the coin and the trader who were expecting to make profit by seeing the price rise, would discover that they make loss because immediately they enter the market at that exact time then the scammer dumps the coin and the price falls immediately and sometimes fall as low as -90% within minutes before the trader will realize they were deceived..
The scammers create a kind of FOMO among the traders , and the FOMO makes many traders to quickly jump into the pump and dump without realizing what they just got into , it gets too late before they know they messed up by putting their money on a pump and dump scam..
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