PANews reported on February 12 that Zhu Su, founder of Three Arrows Capital and OXFUN, reviewed the phenomenon of pump groups in the crypto market in 2018 on social media. At that time, some Telegram groups had hundreds of thousands of members, and operators would release information about low-market-cap tokens (usually listed on exchanges such as Bittrex, Poloniex, and Binance) to attract group members to buy in. The prices of these tokens can usually rise by 100%-200% in a short period of time. Even if the price subsequently fell, many uninformed external investors still pushed the price higher than the initial level.

However, as market interest in the trend waned and operators hoarded too many tokens in advance to sell during the rally, the model eventually lost its appeal and gradually ceased.