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Small-cap listed companies cluster to purchase XRP and Solana: VanEck experts reveal suspicions of capital manipulation.
On June 14,【Block Rhythm】recently, there has been a wave of companies (many of which have a very small market capitalization) announcing their intention to buy large amounts of popular alts like XRP and Solana. These companies typically come from seemingly unrelated corners of the business world. Matthew Sigel, head of digital assets at VanEck, stated that these so-called initiatives are likely just to boost the stock prices of small-cap companies, many of which are traded on Nasdaq.
Sigel said: “Many are insiders trying to pump and dump; if the market capitalization is negligible and there are no new investors disclosed, I would consider this a scam.”