Spotting Cryptocurrency Pumps and Dumps with CryptoPing Bot

The cryptocurrency market is developing so fast it is almost impossible to keep track of everything that is going on there. What does one normally do in attempts to predict market trends and make profitable trades? Well, there is a number of methods. One may monitor a variety of chat rooms and forums available for cryptocurrency traders, go to closed chat rooms seeking to get an insight into market action, monitor exchanges (but, there are dozens of them, is it even possible?), or turn to an expert for advice.

What’s the problem with all these? They all require a huge investment of both time and energy. Who wants to sit in front of the screen trying to predict the next pump?

What makes it even harder is the fact that cryptocurrencies are still highly volatile. Let’s face it, they are largely regulated by disinformation which spreads fear, uncertainty and chaos.

Information is the key to making well-weighed trading decisions

CryptoPing is working on a solution to help both new and experienced traders making well-weighted trading decisions. The time couldn’t be any better to introduce the tool, given the substantial increase of altcoins’ market cap. The team offers an assistant bot that hints when the situation on the cryptocurrency market changes. The bot is using market watching and analysis algorithms and sends signals to traders to help them weigh the market changes and make trading decisions.

The CryptoPing Bot is compatible with messengers and has a number of commands to manage notifications. The bot is already supported by Telegram, support in Slack is currently being tested and expected to be finalized by the end of the ICO.

Signals sent by the bot include information on the coin ticker, cryptocurrency exchange that initiated the signal, trading volumes, exchange rates and coin market capitalization. This information, as said by the CryptoPing team, is sufficient enough to perform further analysis and make a trading decision.

Anatomy of a Signal

CryptoPing Bot supports major exchanges

Currently, the CryptoPing Bot is tracking price changes and coin pumps on the biggest exchanges including Poloniex, Bittrex, and Cryptopia. In the future, the team is planning to evolve into a platform where both new and experienced traders can share their trading experience, get necessary information and community support for trading, including online tutorials from experienced traders. Besides that CryptoPing intends to develop an auto-trading app that will be working in a fire-and-forget mode to deliver steady profits to users.

ICO is up!

On May 25, CryptoPing has embarked on an ICO offering 9,000,000 PING tokens for sale. After the end of an ICO, CryptoPing will burn all the unclaimed tokens sending them to an address without a private key. CryptoPing team explained to Cointelegraph:

“Since the beginning of 2017, we have witnessed an exponential growth in Token Sales (ICOs). Often companies launching an ICO do not have any clear understanding of why they are attracting investments and how they are going to ensure the price growth of their token. In our case, we decided to go for an ICO to accelerate the development of the project. We are planning to burn 75 percent tokens that are coming as a payment for our services, the other 25 percent will be used to roll out affiliate programs. We foresee that it will result in a faster growth of the network and price growth of the tokens held by the first investors.”

700 investors have already joined an ICO contributing more than 105 BTC. The ICO is planned to last until June 25, or when 1,000 BTC are invested. The CryptoPing team told Cointelegraph:

“A 1,000 BTC cap is actually not that high compared with what other teams are aiming to attract, but it is enough, however, to get the project up and running. Even the beta version of the bot attracted the interest of more than 13,000 users in less than two weeks. We do not force the use of a token beside using it for paying service fees. Eventually excess tokens will be burnt and eventually, the bot will switch to more popular cryptocurrencies.”

Once the ICO is wrapped up the team will continue developing the bot and other services regardless of how much funds they get from the campaign. The extra money will, of course, allow allocating extra resources for improving the things and expanding. CryptoPing has special plans to build a social trading platform for altcoins. Users will be able to initiate market signals publicly or anonymously, increase rating and eventually offer paid subscription. For an insight into other plans and team’s vision, please consult their Roadmap.

Lack of regulation doesn’t hurt, lack of education does

The CryptoPing team shared their thoughts on the lack of regulation in the ICO space. In their opinion regulation is not the key contributor to ensuring integrity in the space, as raising awareness of the ICO as investment model among the general public will have a much larger impact. The CryptoPing team explained:

“The ICO market is unregulated, however, we are against centralization when it comes to regulation of the ICO market. What is really needed is an improvement of the financial literacy of population, not imposing bans. We are currently talking with different trading schools which are planning to launch courses using our bot. Although our bot is not a trading bot and doesn’t give information on what and where you should invest. Cryptoping is an additional analytical tool and we are planning to develop it in deploying AI. We would especially emphasize the educational mission of our project.”

Those interested in the CryptoPing project and upcoming ICO are welcome to visit their website. The team says:

“Investing in our token might be of interest to those who want to benefit from the price increase following the burning of tokens, as well as to those who would be actively using our platform and services.”

Source: Cointelegraph