Band Protocol (BAND), Waves (WAVES), and Arweave (AR) have fallen by more than 90% since their all-time highs. The tempo of the drop is typical of a pump-and-dump scheme.
A pump and dump happens when the price of an asset is artificially increased through false recommendations. Afterward, large holders dump their holdings at inflated prices, leading to the subsequent decrease in price.
The chart of a pump and dump consists of a sharp growth in price followed by an even more violent drop that negates all the preceding increases.
Will BAND Price Break Out From Long-Term Pattern?
The BAND price has fallen inside a descending parallel channel since reaching an all-time high price of $23.30 in April 2021. The decrease led to a low of $1.08 in Oct., before a sharp bounce led to a high of $3.68.
Despite falling by more than 91%, the downward movement has been gradual and choppy. Additionally, the fact that it is contained inside a…
