Key Takeaways:
- Luxurious Pro Network token LPNT price jumped 35% in 24 hours.
- Coin trackers have different views on the LPNT coin price and the project’s transaction history.
- The dissonance suggests that the price increase could result from deliberate market manipulation.
YEREVAN (CoinChapter.com) — Luxurious Pro Network’s LPNT coin price jumped 35% in 24 hours, reaching $0.11 on Aug. 31, without an apparent reason.
However, zooming out to LPNT price action throughout the previous two years, the coin’s progress diminishes in comparison, as the LPNT token still traded 99% below its 2021 record high and flatlined since Oct 2022.
The token’s price on another crypto tracker, CoinGecko, is also different, already showing a decline from the pump, as mentioned earlier, while CoinMarketCap doesn’t.
Furthermore, the latest price jolt raises several questions concerning the project’s transparency.
LPNT coin price appreciation was an “inside job”?
A deeper dive into the reasons behind the LPNT token’s price jump revealed that no Network developments on or several weeks before Aug. 31 could have propelled the coin. Luxurious Pro’s official social media presence has been dormant, with the latest tweet dating to February 2023.
“Trading digital currency LPNT will help you to get this factor done and get a lot of money,” said the team, shilling the coin.
Notably, none of the accounts affiliated with Luxurious Pro are verified, and neither has actively posted since 2022.
CoinMarketCap shows a 200% increase in LPNT’s trading volumes, with no increase in the market cap, which means the price pump remains largely unexplained.
Etherscan.io disagreed with the trading volume increase, showing the latest transaction seven days ago.
An inside manipulation could explain the dissonance. Moreover, the investors’ layout shows that a single account holds 55% of the LPNT coins. At the same time, CoinMarketCap asserts that just below 73% of the self-reported 80 million token supply is currently in circulation.
While there is no concrete proof of market manipulation, the above factors constitute red flags for traders considering LPNT.
