ChainCatcher reports that according to The Block, recently, a wave of companies (many with small market capitalizations) have announced their intention to purchase large quantities of popular Altcoins such as XRP and Solana. 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 Nasdaq.
Sigel said: "Many are insiders trying to pump and dump, and if the market cap is minuscule and there are no new investors disclosed, I would consider it a scam."
