ChainCatcher news, Three Arrows Capital and OXFUN founder Zhu Su reflected on the Pump group phenomenon in the crypto market of 2018 on social media. At that time, some Telegram groups had hundreds of thousands of members, and operators would post information about low market cap tokens (usually listed on exchanges like Bittrex, Poloniex, Binance) to attract group members to buy in en masse. The prices of these tokens could typically rise by 100%-200% in a short period. Even if the prices later fell back, many unsuspecting external investors still pushed the prices above the initial levels.However, as market interest in this trend waned, and operators hoarded too many tokens in advance to sell during the price surge, this model ultimately lost its appeal and gradually came to a halt.