The cryptocurrency market saw an unusual price spike in Bubblefong (BBF) as it rose over 80% within the last 24 hours. BBF is the native token of the “Baby Shark BubbleFong Friends” game which is based on the popular Pinkfong Baby Shark brand.
The spike has led to speculation that it could be a result of market manipulation rather than organic demand. The price action of Bubblefong (BBF) shows that the price has been sideways since the beginning of 2023. However, a closer look at the daily price action also reveals that there have been a lot of price spikes and upwards and downwards at many different times, which is one of the ways manipulation occurs.
Just last week alone, BBF saw a massive spike as the price rose from $0.08 to $2.7, a whopping 3000% move. However, the whole move was quickly pushed back down to only $0.2. One intriguing thing is that most of the spike occurred within only one 4-hour candlestick. Now, the price has risen again to $0.4, around an 80% move within 24 hours, but the erratic price action gives strong reasons to be cautious before trading it.
Sudden Vertical Spikes a Sign of Manipulation
Such sudden vertical spikes in price are often considered a sign of manipulation rather than natural market movement. This makes the sustainability of the current 80% price spike questionable. Traders should be wary of getting caught on the wrong side of a manipulative move.
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Show more +What Is Bubblefong (BBF)?
Bubblefong (BBF) is the native token of the “Baby Shark BubbleFong Friends” game which combines the popular “Bubble Shooter” game genre with the massively popular Pinkfong Baby Shark brand.
As described in the project’s marketing materials, “In terms of IP recognition, ‘Baby Shark BubbleFong Friends’ would be recognised and backed by the community size and fandom that is incomparable with other projects! Furthermore Baby Shark Bubblefong Friends is an uncomplicated user friendly game.”
So while the project does have the advantage of strong IP behind it, the trading patterns of its native BBF token point more towards manipulation rather than natural demand driving prices.
Conclusion: Be Cautious of Volatility
In summary, while the Bubblefong (BBF) project has potential with its strong Baby Shark IP, traders should be very cautious buying into the current price spike. The vertical volatility signals likely manipulation, and prices could easily crash down just as quickly. As always, don’t fall for the hype and conduct proper due diligence before investing.
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