Mindol (MIN) Goes for Serial Pumps
A curious asset tied to Japanese manga culture is performing stunning pumps on low-volume exchanges.
Mindol (MIN) is the next dizzying anomaly in the crypto space. Instead of pumping once and dumping into oblivion, MIN has something to offer for days on end. MIN has pumped since November, rising from a flat $0.28 to a high above $2.90.
MIN was created to tokenize an ecosystem of content creators and users, and is based on the concept of “Cool Japan”. The drive to popularize Japanese Otaku culture led to the creation of the Mindol company, which also helps organize an annual conference on Japanese pop culture in France.
The company, based in Hong Kong, tokenized its work after launching in 2018. The MIN token has traded since April last year, and the end of 2019 saw some of its most spectacular pumps.
MIN is reaching the top 30 of coins by market capitalization, with a highly volatile price. MIN bounced off lows, adding 35% in one day to above $2.35. Later, the coin sank again to $2.18. This is allowed by the relatively low volumes of $4.5 million in 24 hours.
Despite promising utility and a reward to content creators, the MIN asset remains highly risky. The pumps and price spikes are happening only on some markets, while on others MIN keeps its organic price as low as $0.24. Heightened hype and possibly concerted activity is pushing MIN to fast pump-and-dump movements.
The MIN price is extremely volatile, possibly pointing to bot action. Despite the pumps, the Mindol project is entirely silent on social media, and is almost unknown in the crypto space. The token even confused some speculative traders.
The top 100 of coins often sees spectacular pumps. But the repeating price action of MIN has lasted for weeks now. MIN holders of large “whale” wallets control more than 60% of the coins, and can potentially dump to new buyers. The potential for fast hourly gains, however, is limited due to extremely low liquidity and price slippage.