• HedgeTrade catapults from $0.7 to $3.27 in a matter of hours on Coinmarketcap, retreats on other resources.
  • The discrepancies may be a precursor of an upcoming pump-and-dump.

The cryptocurrency analytical service Coinmarketcap reported abnormally strong growth of HedgeTrade (HEDG). According to the resource, the token catapulted by nearly 500% in a matter of hours, rising from $0.7 to $3.3. At the time of writing, HEDG is changing hands at $2, still nearly 200% higher from this time on Monday.

HEDG, Coinmarketcap data

HEDG, Coinmarketcap data

However, there is an issue. Other sources do not confirm the price data reflected by Coinmarketcap. For example, CoinGecko shows quite the opposite picture: HEDG actually slipped from $0.7 to trade at $0.6, while its average daily trading volume hit $350,000 against an eye-popping $1.2 billion on Coinmarketcap.

HEDGE, CoinGeko data

HEDG, CoinGeko data

HEDG price discrepancies hint at pump-and-dump action

If we dive deeper, the most active exchange for HEDG is STEX, a centralized cryptocurrency exchange located in Estonia. In the past 24 hours, the platform processed $268,000 worth of HEDG trades. The second and the third places go to Indodax and Bittrex with $50,000 and $46,000 respectively. All three venues report HEDG prices at around $0.68.

It seems that the abnormal price has come from Bitcoin.com Exchange, where someone purchased HEDG for $1.99 recently. However, the trading volumes of the platform are negligible. 

Meanwhile, Twitter users report on extraordinarily high HEDG prices.

Several crypto bots also registered token's extreme price activity. For example, Crypto Stats Bot, with over 6,500 followers, included the coin in the previous hours' biggest gainers.

Automated crypto news, updates & predictions bots spotted unusual buying activity.

The price data discrepancies may look confusing to the traders and may be misleading for those who don't have a habit of double-checking prices against various sources. HedgeTrade may fall victim to a pump-and-dump scheme, meaning that traders should be extra careful while dealing with the token.

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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