DigiByte (DGB) Hits 11% Growth in Five Minutes; Good Publicity or P&D?

DigiByte (DGB) sorared to 11% growth against the dollar within the space of five minutes on Sunday morning. Following the spike, volumes continued to rise, and the coin peaked at 14% growth over the next hour.

This comes after a much publicized war of words between DigiByte founder Jared Tate and Binance’s CZ (Changpeng Zhao), concerning DGB’s lack of presence of the exchange.

Could this morning’s spike be an example of the old adage that no publicity is bad publicity? Or is someone pulling on the coin’s strings for their own benefit?

DigiByte Spikes

Either way, $36 million entered DGB’s market cap this morning, which peaked at a total of $288 million – up from $252 million little over an hour before. It took five minutes for the coin price to jump from $0.023129 up to $0.025692 – an 11% rise which was accompanied by a similar increase to trade volumes.

The coin price continued to rise following the five minute boost period, and eventually peaked at $0.026408, marking a total of 14% gains in just over an hour. That was followed by a slight pullback to the $0.258 range as volumes slowly continue to rise.

Normally when a coin undergoes a significant +10% spike to its value, it’s accompanied by a doubling, tripling  or quadrupling of trade volumes. This usually happens across an entire day, as the entire market buys and sells back and forth.

This morning’s spike for DGB looks like someone went in and bought up around $200,000 worth of DGB, sending the coin price rocketing in the process.

Publicity or P&D?

This follows on from a much publicized feud between the DigiByte and Binance CEO’s, relating to what the DGB team thought was unfair treatment from the world’s biggest crypto exchange. Despite being ranked in the market cap to thirty, being over four years old, and having a long list of solid fundamentals, DGB has still not managed to gain a listing on Binance. As detailed here, Jared Tate had levelled some strong accusations at Binance’s CZ, including that of bribery and a tendency for pump and dumps.

Tate went on to show screenshots of exchanges between the DGB team and Binance representatives which appeared to show a straight up demand for payment before listing DGB, with the rep at one point asking: “What’s your budget?”

Now we have a situation where it appears that DGB is receiving a pump of its own. Community members in the coin’s Reddit and Twitter channels are now scratching their heads and hoping for the best.

Note: Occasionally CoinMarketCap makes errors with its data, however these are usually corrected immediately. DGB’s price data has remained unaltered for the last five hours, and it looks like the valuation will stand.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Author:
Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.