This is no different from any other market manipulation.
Those with weak hands are being frightened out of their holdings.
If you want to make any money at all, learn to buy and hold.
The name of the Crypto game is threefold:
Rule 1: Accumulate and hold.
Rule 2: Accumulate and hold
Rule 3: If in doubt about what to do, see rules 1& 2 above.
Put it this way: Those who bought Cardano at 6 cents and sat on their hands - do you think they are selling right now?
That is not a facetious question - I pose it to illustrate that all of these markets will fluctuate as traders kid themselves that they are making a few dollars on the peaks and dips, but they despair when price takes off before they get the opportunity to buy back in. They lose to the people who are not greedy, but happy to accumulate before the bottom of each dip.
That’s the real wisdom in any involvement with Cryptos.
But some are pretty good at this trading stuff, and I say more power to them.
I class myself as a “good Forex trader who was manipulated out of my bank accounts” more than once.
I was a fool to think I would ever master Forex Trading.
All the “education” in the world cannot outsmart those who control price.
But the manipulators cannot take your money if you put your coins under the mattress.
I have proof of the manipulation in the currency markets, but off-topic here.