Apparently you can. Unless I'm mistaken I thought confido (https://coinmarketcap.com/currencies/confido/) was a scam coin. Recently the rest of Confido team was refunding their collected ETH for Confido tokens through KuCoin exchange. However some people started buying confido at a higher price than what the team was buying, eventually from 0.07$ went up to 1$ and still costs 0.34$ right now. A coin that has literally no uses, no devs, nothing and yet if you had or bought coins when it was 1-2 cents, not long ago, you could have made a x30 - 50 almost with a scam coin. Are people really this uninformed when it comes to buying coins? Is there something that I'm missing here?
The problem is that when the price tips even a little bit, some people think that the coin is "going up again", and so they put up buy orders and drive the price up.
You can become "rich" by being stupid if everyone else is just as stupid.
This whole thing is a scam, and it's just bouncing around like crazy. The people who bought it at 1 cent were "smart" or at least strategic. You spend a measly $100 on that thing and it goes up 100x and it's a quick 10k.
You won't miss the $100 at all, on the other hand, and can probably even get it back for 1 cent.
''The people who bought it at 1 cent were "smart" or at least strategic.'' Actually to be fair, people who bought at 1 cent were still stupid. Why on earth would you think a scam coin would ever bounce back? There are plenty of other coins that just die and eventually get to 0 volume, there is no reason to ''invest'' in a confirmed scam coin. You wont miss 100$ but if you do this every dead coin, you will just lose all your money.
This is just an example of how stupidly easy is to get rich with cryptos, pick 10 random coins, throw 100$ into each and hold. You don't even have to hold for too long, eventually at least one of them is going to ''moon''. Sometimes it's random, sometimes the coin is shit and still explodes. The volume of the coins is so low that anything can happen and I'm not saying that's a bad thing, I'm saying it's extremely easy right now to win money.