Vanessa Sierra
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The dark history behind $DOGE. 🤯
Meet “Wolong” ..
the enigmatic figure who orchestrated one of the first and most infamous crypto pump and dump schemes.
In this article we will delve into the story of Wolong, the manipulation of Dogecoin's price using the Jamaican bobsled team, and the lasting impact of his actions on the crypto community.
Dogecoin ($DOGE) was created in 2013 by Billy Markus and Jackson Palmer. Initially intended as a lighthearted parody of Bitcoin, Dogecoin quickly gained a dedicated following and became a symbol of the fun and irreverent side of the crypto world.
In 2014, the Jamaican bobsled team qualified for the Winter Olympics in Sochi, Russia. However, the team faced financial difficulties and struggled to fund their trip. In a show of support, the $DOGE community rallied together and raised over $30,000 in $DOGE to help the team cover their expenses.
Enter Wolong, a mysterious figure who claimed to be an experienced hedge-fund manager from Singapore with significant $DOGE holdings. In January 2014, he began manipulating the price of Dogecoin by making large trades and creating artificial demand.
Wolong's strategy involved playing the part of two "fighting whales" to drive up the price of Dogecoin. He would make it appear that one whale was keeping the market below a certain price, and then play the part of a second whale buying enough Dogecoin to lift the price through the first whale's resistance.
The $DOGE pump and dump reached its peak when the Jamaican bobsled team's successful fundraiser made headlines, using this as a cover for Dogecoin's sudden rise in price. At its peak, $DOGE was more than 400% more valuable than it had been the week before.
Wolong's pump and dump scheme eventually unraveled, and the price of $DOGE crashed. The incident served as a cautionary tale for the crypto community, highlighting the potential dangers of market manipulation
If you enjoyed this article please give it a like and follow me for more crypto related posts!
Meet “Wolong” ..
the enigmatic figure who orchestrated one of the first and most infamous crypto pump and dump schemes.
In this article we will delve into the story of Wolong, the manipulation of Dogecoin's price using the Jamaican bobsled team, and the lasting impact of his actions on the crypto community.
Dogecoin ($DOGE) was created in 2013 by Billy Markus and Jackson Palmer. Initially intended as a lighthearted parody of Bitcoin, Dogecoin quickly gained a dedicated following and became a symbol of the fun and irreverent side of the crypto world.
In 2014, the Jamaican bobsled team qualified for the Winter Olympics in Sochi, Russia. However, the team faced financial difficulties and struggled to fund their trip. In a show of support, the $DOGE community rallied together and raised over $30,000 in $DOGE to help the team cover their expenses.
Enter Wolong, a mysterious figure who claimed to be an experienced hedge-fund manager from Singapore with significant $DOGE holdings. In January 2014, he began manipulating the price of Dogecoin by making large trades and creating artificial demand.
Wolong's strategy involved playing the part of two "fighting whales" to drive up the price of Dogecoin. He would make it appear that one whale was keeping the market below a certain price, and then play the part of a second whale buying enough Dogecoin to lift the price through the first whale's resistance.
The $DOGE pump and dump reached its peak when the Jamaican bobsled team's successful fundraiser made headlines, using this as a cover for Dogecoin's sudden rise in price. At its peak, $DOGE was more than 400% more valuable than it had been the week before.
Wolong's pump and dump scheme eventually unraveled, and the price of $DOGE crashed. The incident served as a cautionary tale for the crypto community, highlighting the potential dangers of market manipulation
If you enjoyed this article please give it a like and follow me for more crypto related posts!
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