The Monero pump finally explained! ... maybe (lemmy.nz)

submitted 1 year ago by antidote@monero.town to c/monero@monero.town

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According to the latest rumor, some Asian darknet overlords are responsible.

They have billions in non-fungible digital money, and they are moving it into Monero because the Alphabet boys came down on them.

Haowang Guarantee was larger than the Silk Road, larger than Hydra, just the "largest illicit online marketplace to have ever operated", with $27 Billion of transactions since launching in 2021.

Source: Trade brains

Source: @MoneroMavrick

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[-] Wave@monero.town 2 points 1 year ago

... maybe

Large miners connect entire warehouses full of computers to the Monero network.
The new Tari token also uses the Monero network for its consensus mechanism and increases the popularity of Monero. Even among long-established graphics card miners.
The price increase boosts profitability and so more workers come to mine.
The popularity of privacy increases as there is more and more surveillance, control and censorship by states. Privacy is also being talked about and worked towards in communities of other large networks, e.g. ADA and BCH.
There is less Monero than there is Bitcoin and scarcity is popular due to the widespread HODL mentality.
As the price rises, the ranking in many lists rises, which in turn attracts the attention of investors.
Large sums are routed through Monero as it guarantees uncensorability due to its privacy. This was also the case recently with Bitcoin worth 330 million US dollars.
Many online markets now only offer Monero, as it is untraceable and thus offers security for buyers and sellers.

[-] antidote@monero.town 1 points 1 year ago* (last edited 1 year ago)

The pump does coincide with the launch of Tari.

That's an interesting coincidence.

[-] Saki@monero.town 1 points 1 year ago

The popularity of privacy increases as there is more and more surveillance, control and censorship by states. Privacy is also being talked about and worked towards in communities of other large networks, e.g. ADA and BCH.

Interestingly, even Zcash (a less used privacy coin) is like +60%/mo (whereas +70%/mo for Monero) against USD. A coincidence? Or a general trend?