A couple of ways to answer your question. First off, people were in fact slapping the ask at that time, so it wasn't as if there was bid sitting only. A particular holder of millions of shares to sell could have simply been taking a chance -- a chance that someone in the marketplace would have interest in buying a fairly large amount in one buy. >>
If that didn't work for him/her, they may have then just dumped their 3.7mil into the bid and accepted less money. There have been some rather large buys in recent days/weeks -- so again -- a holder taking the chance at .0015. Also >>
At the open, if the bid/ask had started out at .001/.0011 for example, and lots of consecutive buys would have "pushed" the price up (a push), and subsequent buys would lead to a "push" of the bid/ask, then I-Glow's comment would have had more credibility. >>
But I know what I-Glow meant by his comment of "old pumper's trick", I hope this helps >>
You may may have seen this comment >> "the OTC is a corrupt cesspool." That doesn't refer exclusively to shady/scammy CEO's and shady insiders on their payroll. That comment refers to traders as well. Respectfully, I'll add you in the mix here, for conversation sake only. >>
Suppose you were part of a group of 5 or 6 other traders who had plenty of money to spend and you all worked together to gamble your money early in a pump, in order to make more money. You all would consider it as the cost of making future "riches." Your group could be posters here and on X and other social media sites. Or, you could all be silent...posting nowhere, but reading only. >>
Now suppose the shady CEO of a one or two year old shell company starts to broadcast on X that his company will be the target of a reverse merger with a "renowned" company with lots of revenue, assets, and yada yada yada. None of that may be truthful but it doesn't matter. The CEO can always come back later to announce that the RM didn't pan out. >>
So, your group jumps on it early and sees a potential "winner" and lots of $$$ flash in your eyes. Also, your group sees that the IHUB board for that company went from having only a few posts per week, to dozens of posts per day -- or more. >>
If your trading group chooses to take advantage of the frenzy, you might all get together and front load many millions of trip zeros. Referring back to I-Glow's "pumper's trick" >>
At some point, your group's agenda -- unknowing to anyone -- is to spend more money to engage in a "push." Again, the cost of making more money, but artificially, not because you have any faith in the CEO or the supposed reverse merger. You all might be very familiar with the scammy CEO's past reputation. >>
Putting some numbers on it >> let's say your group, working in collaboration, spent $30,000 when the sp was at .0005. You own 60,000,000 shares. And let's say the frenzied excitement (a fill blown pump) is in full swing, here on the HUB, on X, on Stocktwits, whatever, and the SP starts to take off. Your group might decide to spend even more money as the means to your end. >>
At .002, you all decide to spend another $30,000. Your 15,000,000 share buy prints on L2 and attracts big attention. Remember, that 3.7mil buy yesterday got your attention and you brought it to others' attention >>
If (IF) enough traction takes place over a few days, and a buying frenzy causes much ask slapping, and if the share price runs to .006 (for example), your group may decide to dump all your shares ASAP. If your group dumps all 75,000,000 shares at an average of .005, your group realized $375,000 against your cost of $60,000. Not bad, eh? Getting back to the original topic >>
These trading groups, I-Glow's "pumping tricksters" are probably more involved than we think because the OTC is ripe for such behavior.
