SelfKey (KEY) Fighting for Survival After Pumps

SelfKey (KEY) had a choppy week, with a 50% price variance, climbing as high as $0.04. Now, KEY will have to show whether it can defend the higher price levels. KEY lined up among the most traded assets on Binance, but the rapid price gains unraveled, sending the price down 15% overnight to $0.023.

Because more than 92% of KEY trading happens on Binance, those price spikes are possible, as one market can be easily beset by bots, or a concerted effort to pump the price. This makes KEY both promising, and risky. KEY also rose in response to a handful of flash pumps, which started with a potential API exploit and rogue orders for Syscoin (SYS).

KEY, which is still an Ethereum-based token, is in the phase where it would release its proprietary wallet. The project’s aim is to allow users to own their identity through cryptographic protection. The Selfkey Identity Wallet Beta allows users to create an identity, which could then be used within the crypto ecosystem, possibly avoiding a repeated know your customer (KYC) procedure every time.

KEY has been on Binance for only a week, but has shown the dramatic effect of a new listing. Now, the asset and the project will have to show their longer-term endurance. KEY has a very slim pairing with Tether (USDT) on OKEx, and Binance so far has not added the asset. The pairing with USDT has served to boost, or at least stabilize, a handful of digital assets.

However, SelfKey is also met with skepticism on Reddit, ranging from an impression that KEY will be nothing more than a pump-and-dump phenomenon, to negative remarks about the team. Redditors noted that the SelfKey team was made up of ex members of the AMZ Tracker company, an entity with a reputation for selling blackhat products and manipulating Amazon rankings.

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