JCapital Research analysts have issued a warning about the potential for a significant drop in Hut 8 Mining Corp (HUT) shares, citing possible involvement in fraudulent schemes like Pump & Dump. This alert is primarily based on the company's recent acquisition of US Bitcoin (USBTC) and the ensuing merger.
In recent weeks, tokens on the Solana blockchain have been showing a consistent downward trend, following a period of growth in late 2023. A notable example is the popular token BONK, which has declined by around 70% since its peak on December 15, 2023.
GROK, a meme token inspired by Elon Musk's artificial intelligence ventures, experienced a dramatic 50% drop in value after its developer was exposed.
On January 23, OKX's token, OKB, saw an unexpected market shakeup. Its price dramatically fell by 50%, dropping from $52 to nearly $25, before recovering to $46.
On January 12, the price of BTC sharply declined, falling below the $44,000 threshold and later reaching about $41,500.
This strategy might come into play following the approval of a spot Bitcoin ETF, according to analytics company CryptoQuant. They anticipate that BTC could drop to around $32,000.
The last two years have been quite a journey, with BTC experiencing a nearly 48% price drop.