On June 14th, recently, a wave of companies (many with small market capitalizations) announced their intention to purchase large quantities of XRP and Solana, among other popular Altcoins. These companies typically come from seemingly unrelated corners of the business world. Matthew Sigel, Digital Assets Director at VanEck, stated that these so-called moves are likely just attempts to boost the stock prices of small-cap companies, many of which are traded on the Nasdaq.
Sigel said: "Many are insiders trying to pump and dump, and if the market cap is minuscule and there are no new investor disclosures, I would consider it a scam."


