On October 12, Beijing time, $COAI (ChainOpera AI) welcomed a jaw-dropping day—spot prices surged from just over ten yuan to 61 yuan in just a few hours, briefly topping the gainers' list across major exchanges. Some say this is due to the strategic partnership between OpenAI and Broadcom, igniting a narrative around AI concepts that led to the surge. However, in my view, this is merely a manipulation by capital.
From the 12th to the 18th, during this period, the coin price experienced multiple violent fluctuations, with changes of 20%-30% being commonplace, showing heavy signs of manipulation by the big players. In the early hours of October 18, the price of COAI plummeted to around 11 yuan, with a drop of over 80%.
A meticulously arranged 'demon coin show' leaves behind retail investors trapped at high positions and a screen full of liquidation tragedies.
How capital orchestrates the game
From the pump to the harvest, this round of COAI is actually a standard 'operator capital operation class'. The logic behind it is very simple, yet effective every time.
The entire process can be divided into five steps:
1. Accumulating at low positions, laying out chips. In the early days of COAI's launch, the top ten wallets held more than 95% of the coins, establishing the foundation for control.
2. Creating narratives, generating themes. With the chips in place, the operators took the opportunity (AI, smart agents, etc.), these are concepts that retail investors are most easily ignited by. COAI took the opportunity, leveraging the official strategic cooperation event between OpenAI and Broadcom. Of course, it can also skip this step and go directly to the next.
3. Forced pumping, igniting emotions. On the 12th, the operators concentrated their firepower, using real money to create an upward curve, igniting the ranking of gains. Every new high in price attracts more chasing funds to enter. Short-term funds, contract players, and robotic trading, the FOMO sentiment erupts completely.
4. High position fluctuations, secretly distributing. When the price reaches the psychological target range of the main force, the operators will not immediately dump, but will sell while pumping, keeping COAI's price fluctuating between 15-20 dollars. They create the illusion that 'there is still space' through fluctuations. Retail investors hand over the baton in the 'rebounds' after repeated pullbacks, while the operators cash out during each downward cycle of fluctuation.
5. Support withdrawal, price plummeting. After a few days of profit-taking, the holding ratio of the top ten wallets changed to 90%. Finally, early this morning, a 3% share was sold off, and currently, the holding ratio of the top ten wallets is 87%, with the coin price directly dropping to 11 dollars. This completed a significant harvest of retail investors.
The dramatic rise and fall of COAI is not a coincidence, nor is it a loss of market sentiment control, but a premeditated capital game. The pump is just bait; the harvest is the endgame.
