Following Odyssey's (OCN) price increased by more than 220 percent in the past 30 days, crypto enthusiasts weigh in on how the token fared a bearish market.
What could be the driving factor behind the stellar performance of Odyssey (OCN) on what was a sideways cryptocurrency market?
Odyssey has entered the top 100 cryptos in the past 30 days ending on October 1. At the same time, the coin’s price graph displayed a steady increase, peaking at US$0.016468 on Tuesday.
That value was 3.3 percent more than the past day, above 120 percent higher than the last week’s price, and around 220 percent greater than the price a month ago. In comparison, both Bitcoin (BTC) and Ethereum (ETH)—the biggest cryptos on the market—were in the red for the past month.
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Odyssey is an ERC-20 token for the Odyssey network, which aims to create a peer-to-peer sharing economy using blockchain technology. Recently, the team announced an OCN Buyback Program, as well as news regarding Super Nodes.
With an enticing project and some recent development that added to the hype, some OCN enthusiasts believed that one reason for the price increase is investment from people finally realizing the worth of the token.
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Another part of the online crypto community, however, maintained that the price movement was simply another crypto pump-and-dump scheme.
The pump-and-dump involves spreading inaccurate or false information to boost the price of a crypto on the market. Once the coin’s value increased, holders who spread the fake rumors would sell the coin to interested buyers for a significant profit. The selling of assets afterward would send the crypto back down.
This method is punishable on regulated markets. However, on an unregulated market like crypto’s, hints of this scheme happening commonly appear.
This particular sector insisted that the recent OCN price action was due to baseless rumors. One of these rumors—a Reddit comment pointed out—spread on Twitter saying that crypto exchanges Binance and OKEx would list the Odyssey token in the near future.
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Whatever the reason for the increase, the online crypto community agreed that most could be tempted into buying a well-performing OCN during a bearish market. With that in mind, crypto enthusiasts continuously reminded each other to conduct thorough research about the Odyssey token before investing.
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