CloakCoin Hits ATH in What Seems a Planned Pump

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CloakCoin Hits ATH in What Seems a Planned Pump

ForexMinute.com – In the last 24 hours, the newly launched cryptocurrency CloakCoin has jumped over 20% in terms of market cap and price. Incidentally, the skyrocketing behavior has come right after the release of the coin’s development updates, which ultimately raise suspicions of a planned pump.

Earlier this week, the CloakCoin team of developers announced few of their underway projects, dubbed as OneMarket, PoSA, OneLedger, and Ciara. The details given underneath the name of each project were indeed attractive enough to raise a certain optimism in the market. However, the maximum brownies were scored by PoSA, which is a fresh perspective in bringing anonymity to users’ transaction. Unlike Darkcoin’s anonymity feature, CloakCoin’s underdeveloped project wants to prevent even nodes from “gaming the system.”

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The CloakCoin’s innovations and objectives go further spotlights in an interview of their core developer conducted by CCN. He straightforwardly revealed many crucial points in the development of CloakCoin, especially PoSA. He confirmed that the PoSA transactions are “encoded and cycled through multiple rounds of processing, before finally being sent on to their intended recipients,” which definitely sets them apart from Darkcoin.

Despite of all the positivity generated via attractive announcements and media appearance, one could not expect CLOAK to rise with such a massive speed. Indeed the coin was already trending upwards from recent days, indicating that it is forming a community by attracting investors; but a 20% rise seems nothing but a pump.

But haven’t we seen similar price behavior in other coins’ charts as well? A month back, Darkcoin also rose over 10% within few hours after the announcement to implement RC3. On trading grounds, this behavior is likely to meet with an equal fall. For what it seems now, CloakCoin is finally making its presence feel inside the cryptocurrency markets. While investing, beware of the big sharks.

To contact the reporter of the story: Yashu Gola at yashu@forrexminute.com

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