SaitaChain’s STC token doubled its market cap in 3 days after the sudden decline caused by the SEC and FBI’s accusations. However, there are still high fluctuations and it is in a volatile position now, as the low market cap makes it prone to sudden ups and downs.
Crypto analysts wonder what is causing this unusual purchase trend beyond the sell-offs, as the negativity usually makes the coins weak. But STC battled with the huge sell-offs that occurred in rapid intervals and surged its way up, creating a pattern similar to the 90 bpm ECG machine in the charts.
Besides the regret of the early sellers, various new investors who came after the 100% surge, are in a confusion whether to invest in this unstable coin or to avoid it. Many are looking for another sudden dump to get an entry. Is it a good time to take part in it?
In Between Rektober & Uptober: SaitaChain’s Wierd October Movements
This month has been a rollercoaster ride for the SaitaChain community as its value went from extreme lows to astonishing highs. Before we get into the reasons for this sudden bullish momentum, let’s check what caused the charts to bleed last week.
SaitaChain once had above 100 million dollars of market capitalisation, however, the value slowly started draining out this year, and the current month witnessed the worst correction.
What Happened to SaitaChain? SEC & FBI Charges
On October 9th, the U.S. SEC (Securities and Exchange Commission) filed charges against eighteen individuals and eight companies for manipulating the market and initiating a pump-and-dump scheme.
According to the FBI’s charge sheet, these companies made false statements about their cryptocurrencies and executed fake transactions to make it appear like the coins were good investments. Thousands of traders bought the tokens at this artificially inflated rate and then the companies allegedly sold their holdings at the same price.
SaitaChain’s parent company Saitama is one among these accused firms, and the FBI’s report says the pump & dumps were also done in $STC’s charts along with other 60 coins.
The Fall of STC Token
Various CEOs of the companies were arrested on October 8th and the news started to spread, resulting in massive sell-offs. Exchanges like SunCrypto suspended the services for SaitaChain, and STC was reduced to an all-time low market cap of 2.8 million dollars.
Three days ago, on October 25th, STC reached its lowest price of $0.00001936 per token. However, the ATL was a perfect dip for various buyers, and within 72 hours, the market cap doubled. But what made them invest in this uncertain stock?
The Rise of STC Token
A major reason for the uptrend is the resignation of its founder and CEO Manpreet Singh Kohli (Mkay). The platform continues to work as usual, and more power is now given to the whole community, ensuring transparency and safety.
The arrival of this announcement was right at the time of the token’s ATL, and it added a little relaxation to the holders’ panic. However, it is important to note that this is just a resistance from the total collapse, not a winning journey to the heights. The coin is still 95% down from its all-time high.
Is it a Good Time to Invest in SaitaChain?
For those who sold early, regret isn’t actually needed since there are spectacular coins out there in the market which are not complicated like SaitaChain, and now it is in the middle of various legal issues and troubles. The next procedures of the laws and the next steps of the SitaChain community are unclear and with this uncertainty, it is unable to decide whether to invest or not.
As a low market cap coin with turbulent activity on the chart, anything can happen. Suddenly it may hit rock bottom, or it will skyrocket, and after some hours vice versa. It is better to stay away from this one if you don’t want any complications. However, the final decision is yours. Do your own research, understand your own needs, and use your own discernment.
SaitaChain Coin is available to trade on Gate.io, MEXC, BingX, Giottus, and DODO (DEX). Also, if you are a hodler, do follow the official X (Twitter) profile of SaitaChain to stay updated with the further proceeding of the case so that you can reduce the chances of getting rekt!
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