The Foin project, issuer of the unfortunate FOIN token, issued a lengthy explanation of its recent market price fiasco. The project, at the least, showed it has not planned an exit scam and will continue operating.
Team Denies High FOIN Prices Were Artificially Pumped
The team also denied pumping the FOIN token price artificially, before it tanked within a day. FOIN flew high last December, in defiance of the general direction of the crypto markets. According to the recent blog posting, the FOIN price was organically determined by selected, professional traders.
Just after unlocking its tokens for open trading, suddenly the token’s price slid from nearly $4,000, down to $6.79 and volumes dwindled to nothing. Needless to say, the crypto community was highly skeptical that FOIN had a fair valuation.
The P2PB2B exchange, the chief market where FOIN traded, is unregulated and placing orders is unrestrained. It is entirely possible that both volumes and trades can be simulated, and with no real selling pressure, to reach an…