A Bitcoin fork has dropped off a cliff after a massive spike that caused heads to spin last month.
On June 6th, “Bitcoin 2” suddenly exploded 6,565% in a matter of hours on surging volume that seemingly came out of nowhere. It happened just a week after the coin was listed on CoinMarketCap.
— Bitcoin 2 (@Bitc2org) May 28, 2019
Crypto traders soon classified the price action as a classic pump-and-dump, where whales can buy and boost the price of a coin with low volume in order to build hype and convince others to join in. Once the price rises, the whales then sell to pocket a quick profit.
In the weeks since the massive spike, which brought the coin from less than a dollar to a high of $29.27, Bitcoin 2 has steadily fallen to its current price of $1.87, according to CoinMarketCap.