Internet Computer Crypto Rises—Dfinity to Releases Free NFTs

A crypto pump and dump is similar to a stock pump and dump: one or a group of malicious investors will buy a large amount of a token that has low trading volume, thus raising the price. As the price rises, the investors will promote the token, causing excitement and driving retail buyers to buy more of it. When the initial investors are ready to redeem their profits, buying power will slow down and the price drops causing retail investors to suffer.

A report in June shows the frustration among the crypto community of Dfinity possibly being involved in a pump and dump. One allegation is that Dfinity dumped $6 billion worth of ICP since its first release, meanwhile not allowing initial investors to sell their tokens. Prices were also listed differently on multiple exchanges. On the initial release, ICPUSD had a high of $3,161 on Binance, while the high on Coinbase was only $630. Dominic Williams, founder of Dfinity, has denied all allegations connected to a pump and dump.