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ABBC Coin Surges 100 Percent During Major Price Pump

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Tue, 9/04/2019 - 19:12
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ABBC Coin Surges 100 Percent During Major Price Pump
Cover image via U.Today
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ABBC Coin, the 50th biggest cryptocurrency by market capitalization, has recently experienced an unprecedented price pump, surging by almost 100 percent in practically no time, according to the CoinMarketCap data. However, it is clear that this rally won’t have legs since it looks like an ordinary pump-and-dump that lacks any market fundamentals.

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A potential pump-and-dump

At the time of writing this article, the native token of the ABBC exchange is trading at $0.32 with its market cap increasing by a whopping 60 percent following the price rally. 18.51 percent of its total trading volume comes from Australian exchange TOPBTC that has a rather shady reputation with some of the users going as far as labeling the exchange an outright scam. Hence, those investors who consider jumping on the hype train should be extra-careful since it’s a pure gamble at this point.  

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Surviving the Alibaba imbroglio

ABBC Coin is a brand-new name of Alibabacoin. As reported by U.Today, Chinese retail giant Alibaba eventually forced the exchange to drop its trademark after a prolonging court battle on March 11. Following the announcement, the coin’s price started a steep decline that continued until the most recent pump that made ABBC the best-performing digital asset of the day.   

ABBC Coin Surges 100 Percent During Major Price Pump


(CMC: ABBC spikes 100 percent)  

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Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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