Even though the cryptocurrency industry continues to grow and expand, some key problems persist. Oyster has been an interesting example in this regard, as this exit scamming project is still going through a hefty price increase. That isn’t abnormal by any means, but one has to keep in mind investing in PRL right now will result in a guaranteed net loss.
Oyster Price Pump is Fake
Although there is still some interest in Oyster despite the alleged exit scam, it is not necessarily for the reasons most people would expect. Instead, plenty of investors have been duped by this particular project. It is always risky to invest in cryptocurrencies and projects which seemingly offer something that is too good to be true.
For the time being, there is a net 650% increase in the Oyster price. This is primarily because of 650% gains over both Bitcoin and Ethereum, something very few other altcoins or tokens can effectively offer at this stage. Even so, this current uptrend materializes courtesy of just $13 in volume, further confirming people need to steer away from this currency right now.
One could argue there should be no remaining trading pairs for Oyster after pulling such a scam. While that is certainly true, the exchanges in charge are still in the process of delisting PRL right now. CoinExchange used to be the biggest trading platform influencing the Oyster price, but it seems those BTC and ETH pairs will be removed fairly soon.
Instead, it is still possible to trade PRL on COSS, Cryptopia, and Coinsuper. None of these exchanges generate any real trading volume whatsoever, yet it is still disconcerting these pairs remain in place three days after the facts. Exchanges need to take their responsibility in this regard, yet some of them are pretty slow on the uptake.
This current Oyster price market pump will undoubtedly get some people excited about the future prospects of this altcoin. Not everyone is aware of Oyster’s shady history to date, which is only to be expected. That is also one of the reasons why investors need to do their research prior to throwing money away in search of the next pump.
For the time being, it remains to be seen what the future will hold for Oyster and the exchanges trading it. The project still maintains a market cap of over $20m because of this blatant pump. It is possible one of the original developers is trying to manipulate the market. Another option is how one of the “victims” failed to cash out in time and tries to spark some interest to dump their bag. Either way, exchanges need to remove PRL sooner rather than later.