In the past couple of days, the Mindol (MIN) token has attracted significant attention after jumping to the top 30. In typical crypto fashion however, the price soon started unraveling.
Mindol Aimed at Building Manga-Based Tokenized Economy
The Mindol project is aimed at popularizing Japanese manga culture, in connection to the annual French festival “Cool Japan”. MIN was supposed to be a festival-related asset, which could flow between participants, content creators and fans.
But when it comes to crypto trading, a fresh pump is always a possible scenario. This is what happened to MIN this week. The asset traded at a rather tame $0.28 on November 5. However, following a series of pumps MIN reached a peak of $2.96. This was short-lived and almost immediately dumped again.
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— Ben Fischer (@BoersenMedien) December 5, 2019
MIN is already down to $1.68, and the trading volumes that were seen during the rally phase are now diminishing. Lower volumes mean immediate faster price slippage, as MIN loses positions within minutes.
MIN swayed between a 27% rally this Thursday, and a fast loss. But the MIN pump is not a one-off event, and has repeated itself over the past few days. Just as the price dropped, MIN hiked up again to $2.08.
The new asset, lining up on position 29 based by market capitalization, is extremely volatile and risky. The total MIN supply is 240 million, of which around 140 million are in circulation. But MIN is not a traditional token either, as it is tied to the Mindol corporation, an entity dedicated to spreading Japanese culture.
Based on the promotional materials, Mindol is on a mission. “Following a background of worldwide trend, we will establish high profitable business by finding great talent in the field of anime, manga, music, film production based on “Cool Japan” and focus on making a framework generating world-class competitive contents, which we believe we can spread MINDOL presence across the world,” wrote the company’s CEO Fumihiro Fukuhara.
MIN Trades at Vastly Different Prices
Hence, MIN looks like a centralized token, with the potential for concerted action. MIN also has a mystifying trading profile, with most volumes on the CoinTiger exchange. The asset also sees price anomalies, with a Coinall exchange price at just $0.86, and as low as $0.24 on the P2PB2B exchange. At the same time, prices peaked around $2.24 on BitZ. This type of behavior, where the price disparity is so high, is common with pump and dump groups who co-ordinate actions on specific exchanges.
The company is reportedly operating out of a business address in Hong Kong. The CEO lacks LinkedIn and social media presence.
MIN has traded since April 2019, and went above $1 in a pump during the summer altcoin rally. The project has been around since 2018, aiming to tokenize Japanese manga culture. Nearly 60% of all MIN is held by “whales”, with enough tokens on the sidelines to sell off during the pump-and-dump.
What do you think about the MIN pump and dump cycles? Share your thoughts in the comments section below!
Images via Shutterstock, Twitter @Boersonmedien