A short time ago, a big pump on the LEO token pushed the price briefly to 2 STEEM per LEO - A big spike from 0.11 STEEM/LEO it was at before the jump. Here is how it happened:
@diverse started the move:
So @diverse picks up 3450 LEO at prices up to 0.15 each, cleaning out alot of sellers in the process. Well done, and out of interest these tokens have been staked, so it looks like a long term show of confidence in the tribe.
@mysearchisover takes over.
Over a number of trades, mysearch picks up a number of tokens (around 1000) and in the thin market, this pushes prices up towards the sell wall.
@nealmcspadden hits the wall.
Perhaps for psychological reasons Neal picks up some LEO at 2 STEEM each, causing the token to show a huge price hike over an hour or so.
In the discord server, we are all promised Lambo's. Profit takers pile in to try and sneak in a high sell price, buyers drop off and it seems the excitement is over for now. Trades are still happening at a much higher price than a few hours ago, but FOMO seems over for now.
Well done to the buyers, building up their stake in the tribe. Congrats to the sellers that scored a nice price.
What this does do is show that the depth is still lacking to a degree on the SE market. 1 or 2 buyers along with a little fomo, can wipe out the sell side in no time and push a big price spike.