Everyone's clueless about POA's 64% pump
In what looks to be the random pump of the day, POA network spiked over 64% in the last 24 hours, climbing to a 6-month high 623 Satoshi before curving south.
And while no one seems sure of the reason why, the rally sparked a renewed interest in the Ethereum sidechain with proof of authority consensus. Over the last 24 hours alone, there’s been more than 200 mentions of POA on crypto-related social channels, quite the leap from the average of 14 POA mentions in the past 7 days prior to the rally:
As of yet, there seems to be no clear catalyst for the uptrend. There have been zero price-moving announcements from the project, nor rumours of upcoming exchange listings, possible future partnerships or similar teaser news.
As a result, some are trying to explain the 65% rally with auspicious TA:
...while others are pinning the upswing on classic market manipulation:
Despite the lack of viable explanation, however, the prevailing crowd sentiment on POA still seems to lean positive:
- POA breaking upwards 😉
- POA looking bullish again and might kick of again, keep an eye on it
- POA 💥💥💥
- Poa still showing strength after pump
And while some have welcomed POA’s massive green candle, others point to the coin’s uptick as further proof of the crypto market’s inherent irrationality: