IG Token Cryptocurrency Crashes in Price as Scammer Spreads FUD Rumors
AWOL IG Token Team Member Responsible for Crashing Prices
During this crypto winter, prices in many major and alternative coins have fallen significantly. But even considering the gloom of the general bearish market, IG Token has had some major drama coupled with its price crash in the past 24 hours. Drama is nothing new in the emerging cryptocurrency community, where tensions often run high and confusion in the markets is common. But for IG Token, the source of interest is that the crash seems to have been at least partially caused by a member of the IG Token team.
The token was relatively cheap to begin with, having been traded at around $.0005 per token. Even with the price considered, though, a significant drop yesterday has turned heads within many sectors of the crypto space. The price per coin for the IG Token dropped significantly, crashing from that previous price of $.0005 to a new low of $.0001 and below. This could cause a big dent in the pocketbooks of key investors, who had likely bought up large amounts of the coin in the hopes that it would one day reach favorable prices.
But the real drama started when the official IG Token Twitter wrote that the cause of the crash is likely tied to a member of their own team. According to the cryptic tweet, the (now former) community manager for the project sold a massive amount of his own holdings in IG while the rest of the team was sleeping. Following his sale of coins, he also orchestrated a campaign of negative and false information in an apparent attempt to crash the price of the currency.
The IG Token
IG is a relatively new asset, having launched just under one month ago on August 12th. Because of this, the coin is considered to be in the “discovery stage,” an essential part of the lifespan of emerging ICO-created cryptocurrency tokens. During this stage, the team behind the currency works heavily to spread a positive image for their project in an attempt to hopefully hit the big exchanges in due time.
Because they are in such an important stage in the lifespan of the cryptocurrency, this could mean bad news for the IG team. The negative press surrounding the incident might discourage future investors, especially if it is perceived that the team did not handle the price crash and previous betrayal as well as they could have.
The coin is currently traded by far the most on Hotbit, which makes up over 93% of the crypto’s existing volume in the crypto trading markets. Up until this point they had been doing pretty well, especially considering the bearish state of many cryptocurrencies in the current market.
IG is classified as a prediction market project, sitting along major projects such as Augur, a startup which had just come out with their website and application. IG currently has a market cap of around $300,000, although many analysts predict that this will spike significantly if other projects of a similar type are received well in their initial product release.
But moving forward, the IG team is going to face several obstacles before effectively getting back on track. They changed up their strategy for distributing tokens following the initial news release, instead airdropping tokens in an attempt to spur some of the investor interest that had been lost as a result of the price crash yesterday. But so far, IG still has a long road to recover in order to regain the previous strides in price that the currency had made before this unfortunate betrayal.