PlusToken Scammers Have Shifted Over 140,000 in Three Months

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The PlusToken scammers who managed to collate a staggering haul of 200,000 through their pyramid scheme have dumped over 140,000 in just fifteen weeks, leaving some 58,000 still to go – and one analyst believes it will cause a further collapse in the Bitcoin price. Bitcoin miner capitulation has been the go-to theory for the recent price collapse, but the PlusToken theory has been around since August when BTC was $10,000, and now seems more relevant than ever.

6-8 Weeks of Heavy Selling Ahead

Twitter user Ergo detailed the current position in a lengthy Twitter thread which combined facts with a small element of supposition to hypothesize that another 6-8 weeks of selling was on the cards. During this time, he said, the scammers would dump their final 58,000 on the open market, potentially leading to further downside in the price, adding that they have been making use of the Wasabi BTC mixer and a “self-shuffling” process to hide the origins of the BTC before selling it.

Having tracked as many of the coins sold to date, Ergo calculates that the scammers have sold an average of 1,300 per day, which he puts into perspective by saying that this is “over 60% of the daily block reward in sell pressure.” He then offers his timeline based upon the rate of sale to date:

PlusToken + Miner Capitulation = Opportunity!

Given that at current prices, 1,300 equates to almost $10 million in daily selling pressure, it is no surprise that the price has been slipping as a result – without catalysts encouraging buyers to soak up the sells, there is only one way it can go. Were one to consider this combination of this selling pressure alongside miner capitulation, and it’s possible to think that we could see some incredibly discounted BTC in the lead up to the halving, presenting an incredible entry point for those who don’t currently own any.