Introduction
Crypto entrepreneur Zhu Su recently revisited the rise and fall of ​Telegram pump groups during the 2018 bull market, detailing how coordinated buying schemes initially inflated low-cap token prices by 100-200% before collapsing under unsustainable manipulation. His analysis offers critical lessons for today’s crypto investors about market dynamics and manipulation risks.

1. The Mechanics of 2018 Telegram Pump Groups
Zhu Su explained that pump groups on Telegram operated by recruiting thousands of members to simultaneously buy thinly traded tokens listed on exchanges like Binance, Bittrex, or Poloniex. Using bots or scripts, participants rushed to purchase tokens pre-selected by group leaders, creating artificial price surges. Early adopters often profited as prices spiked before outsiders noticed the manipulation.

2. Short-Term Gains and Market Manipulation Tactics
In the short term, these groups generated rapid returns. Tokens targeted by pump groups typically saw prices rise 100-200% within minutes. However, Zhu emphasized that gains were temporary. Most tokens eventually crashed but remained slightly above pre-pump levels, as retail investors unaware of the orchestrated buying assumed organic growth.

3. The Downfall: Greed and Market Saturation
The strategy collapsed due to two key factors:

• ​Over-accumulation by organizers: Pump leaders hoarded excessive token supplies before rallies, leading to massive sell-offs that overwhelmed market liquidity.
• ​Declining participation: As more groups emerged, the market became saturated. Retail traders grew wary, refusing to “buy the top” of manipulated pumps, causing the model to lose effectiveness.

4. Lessons for Crypto Investors in 2025
Zhu Su’s retrospective warns against relying on artificial demand. While modern bots and decentralized exchanges (DEXs) have evolved, the core risks of pump-and-dump schemes persist. Investors must prioritize projects with genuine utility over speculative hype.

Conclusion
The 2018 Telegram pump group phenomenon underscores the fragility of market manipulation. While these tactics generated fleeting profits, their inevitable failure highlights the importance of transparency and organic growth in sustaining crypto ecosystems.