PIVX (PIVX) was added to Korean cryptocurrency exchange Bithumb on Thursday afternoon and immediately felt a 28% boost to its market value. The pump appears to have been a coordinated effort, with $1 million worth of trades entering the PIVX market in ten minutes on the Upbit exchange.
The other coin added to Bithumb on the same day – INS Ecosystem (INS) – also experienced a similar pump at the exact same time, but on Binance’s INS/BTC market.
Upbit PIVX Pump
At 01:00 UTC on Thursday morning, PIVX/KRW suddenly soared on Upbit, with $1 million entering the exchange in a matter of minutes.
Buy orders then picked up in the Binance PIVX/BTC market soon afterwards, and by ninety minutes later PIVX had climbed 28% in value – from a coin price of $1.26 to $1.62.
The peak didn’t last long, and by Thursday night PIVX can be found back down at the $1.34 mark. Essentially the 28% growth was followed by a 17% loss. Or to put it another way, 75% of the morning’s spike was gone less than twelve hours later.
Daily volumes for PIVX climbed from $1.4 million to $16 million over the course of the day. The Bithumb trades had already started to roll in by Thursday evening, with $1.2 million coming from the exchange’s newly formed PIVX/KRW pair. Upbit continued to be a source of PIVX buys long after the initial pump, hosting 60% of the coin’s total trades.
INS Pump on Binance
Meanwhile, at the exact same time over on Binance, INS Ecosystem (INS) found itself being bought up in huge numbers by one or more BTC holders.
Within ten minutes INS was pumped to the tune of 26%, as $600,000 was added to the coin’s initial $900,000 trade volume. Over the rest of the day, volumes rose over 500%, peaking at over $6 million at time of writing.
INS Ecosystem was mentioned alongside PIVX in the recent Bithum announcement, and already boasts listings on Binance, Kucoin and OKEx. Over 66% of trades came from Binance on Thursday, while the new INS/KRW pair on Bithumb immediately made itself felt, hosting $2.5 million worth of trades.
After suddenly spiking from a coin price of $0.469610 up to $0.592142, INS immediately trailed off, and found itself back down at the $0.50 range by Thursday night.
Who, What, Why?
Both coins were pumped seemingly just moments before this announcement by Bithumb was posted. The Korean publication time for the article equates to 01:00 UTC exactly, while both of these coins were pumped at exactly 00:59 UTC.
One could only speculate on the source of the pumps, but ultimately, two coins have been thrown around like rag dolls today, and it’s anyone’s guess how long the selloff will continue.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.