Shouldn't that be the Dogue "dump" in that case ? People are exiting to USD out of BTC. If they were taking profits from Dogue they'd have to dump Dogue for BTC first.
Heh, I guess. But there's also the new buyers taking the place of the old buyers. Just speaking from my own dealings is all. I bought a million a few months ago. Just put it up for sale on the exchange recently, and then someone bought it. In this case, I 'dumped' half my doge for DRK, and half for BTC. The BTC I personally sold for fiat because I wanted some money back.
Personally, I never call the "manipulation" card because to me it's just all supply and demand. But I watched the market just there and what happened was this:
- it was drifting down and got to 376 on very low volume
- some accelerated dumping started which got it down to 364
- at that point, a massive sellwall appeared - about 196 BTC right on the bottom rung of the asks
- at least 120 BTC of it got bought within a minute and the rest either disappeared or got bought
- now the market's on its way back up with 1436 on demand, 586 on offer
In other words, someone was sitting there with $45,000 of off-orderbook budget who knew exactly what they wanted and got it.
Conclusion: institutional investors in stealth mode starting to stock up.
I agree, the manipulation card is thrown around too often. Often times people confuse manipulation and the voodoo that comes along with the term for just people running bots that want more DRK. I'm not ruling it out, but in this case .. mintpal was migrating to a new API if I read correctly. If they were, trading bots running older software wouldn't work so they'd be 'off', while the migration to v2 was complete, possibly pushing the DRK volume down because people had to accumulate manually instead of automatically.
Also, there was a spike in BTC right before DRK slid below .008. It seems that people are hedging DRK for BTC if you ask me. BTC went up 10% one day, the next few days DRK dropped 10-15%. Now BTC is dumped out again (following the continued Doge pump), and all of a sudden DRK is back up to .008.
So, in relation to the list you gave above, could it be the the 'liberated' BTC from previous Doge holders were in a sense 'easier' to acquire than it would be to acquire from other holders of fiat/BTC? I think these pumps across the alt world right now are a direct movement to scare new holders of BTC (people who until recently held an altcoin, but conveniently sold on its recent pump - which many have had recently) into selling it for cheaper than they would have been able to sell it for.
