Welcome to the era of pump and dump. Investors who previously missed out on Bitcoin’s “get rich scheme” have now turned their loyalty to low-value tokens. Meanwhile, taken for rides by online jokesters pushing tokens with nonsensical names and no clear value.
Also known as shitcoins. If all of this sounds like a joke or scam or something in between, that’s because shit coins are half legitimate and half not. No, not the Canine breed crypto tokens. looking past it now.
Imagine this, According to CoinMarketCap, this coin at press time has hiked to MORE THAN 70,000,000% in price!!!
This happened to the EthereumX (ETX) token. EhereumX is a token that runs on the Stellar Network and seeks to give Ethereum a run for its money by promising to be more scalable and efficient than the former.
Here’s the main joke
At the time of writing, it was trading above the $50k mark, ranked #201 with a market cap of $4.4 trillion. Despite there being no verified volume (*shit coins look away*). However, consider this: just a few days ago, the same coin was trading at the $0.07 mark.
Source: CoinMarketCap
Mr. Whale, a prominent platform to track whales movements first highlighted the same on Twitter. He stated:
“This shitcoin is up 66.5 million percent within the last 24 hours. Retail noobs be like: ooooh wow! now looks like good time to buy”
Nonetheless, he believed it was a glitch. Needless to say, the community was quick to speculate on this absurd issue as well.
“This is no pump, it’s just a bug in CMC. There was no pump and it’s in general, not a pump coin. Sustainable growth,” a member said.
Another member opined:
Current market cap is $4.4 Trillion. It’s $4,400 Billions. It’s like 1/5 of IS GDP. Nice job! pic.twitter.com/jYiAnqXk1z
— Andy ℬebut 📈⚛🃏📢🗽 (@abebut) November 13, 2021
Zooming out a bit, this wasn’t the first time, that a lesser known coin made sudden and astronomical gains. Back in 2017, there were 3 cryptocurrencies rose by more than 100,000%. The peak gains were as follows: Verge (1,581,942%), Einsteinium (262,195%), and Reddcoin (132,712%). All three had certain catalysts to have worked in favor of these tokens. Although, mostly the fear of missing out on big gains played a big role in pushing the prices.
Well, not so surprisingly, all of the aforementioned tokens were trading in the red zone, under the $1 mark at press time. Verge (XVG), Einsteinium (EMC2), and Reddcoin (RDD) witnessed a 8%, 3%, and 1% corrections respectively in 24 hours. Ergo, providing a self-explanation behind these “sudden” surges.
Now, fast forward to a more recent shitcoin category, Squid Game token “SQUID” would fit in as a perfect description here. It rose by a whopping 2500%, with a 90% rise in trading volume. However, it took thousands of investors on a dizzying ride before vanishing and leaving the entire industry stunned.
Overall, the promise of these shit coins is there as an advertisement for a luxury lifestyle brand: If you get in at the right time, and buy a huge number of these coins, you could be a bajillionaire/bazillionaire too.
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