Scorum coin suddenly fell at 12.May 2019. around 1:29 o'clock from 604,302 USD to 105,385 USD around 2:04 o'clock. That fall of almost 500,000 USD happen during the night in just 35 minutes. I am not big Yapi for trading crypto currency, it seems that I also do not know how platform works or some rules have been broken here.
This sudden and quick fall of SCR price rise serious question. Is it some random event made by some big holders who decided at 12. May 2018. to withdraw very big amount of SCR or is it something more sinister like price manipulation which includes braking rules of platform or even the worst 'abandon sinking ship' syndrome ?
As far as I understand withdrawing process when I initiate withdrawing I need to wait 365 days to complete and I get all of that 365 days after. If so such random event like someone initiated withdrawing on 12. May 2018 which completed on 12.May 2019 is possible. However, I've heard once that it is not working like that, but like this. When someone initiates withdrawing he receives portion of it every week and not 0 and then all after 365 days. If that is true that makes above assumption wrong. If someone wanted withdrawing of 500,000 USD worth SCR at 12. May 2018 he would get portion of it every week and market cap would not drop for 500,000 during 35 minutes!
So what happen then ?
Only other answer is some big manipulation with price made by someone not following rules, by someone who can withdraw what he wants when he wants and who does not need to wait. And who could be that alpha male on this platform ? I am not sure. LoL only what come to my head is someone from developer team or project leader. Why would they do that ? More questions more bad feeling! It is either 'abandoning sinking ship', manipulating price or sudden need for big amount of flat money to pay developers to update platform ?
Market cap went to around 600,000 USD soon after and then fell to around 500,000 again at time of writing this article. I doubt we attracted new 500,000 USD to platform just after. More likely those who moved out 500,000 returned it after re-buying SCR at lower price. That lead me to conlusion that someone manipulated this fall and rise. Someone who does not follow rules of platform.
What do you think what happens here ?
I might be wrong if so please explain to me how else this can be possible ?