Welcome to the pump and dump era. Speaking of cryptocurrencies, some coins will explode in a day, but not all will last long. These types rarely offer long-term use value. Hence the community gave them the name Shitcoin.
If this all sounds like a joke or a scam or something in between, it’s because shitcoins are half legal, half not. Of course, not all are dog memes. The discussion now turns back to an earlier topic. According to CoinMarketCap, the coin has gained over 70,000,000% in price at the time of going to press. Too terrible!
Our protagonist is EthereumX (ETX), a token that runs on the Stellar network and tries to challenge rival Ethereum by promising more scalability and efficiency than ETH.
Incredible joke but true
At the time of writing, it is trading above the $ 50,000 mark, placing it at number 201 with a market cap of $ 4.4 trillion. While there is no verified volume, consider this: Just a few days ago it was only hovering around the $ 0.07 mark.
Mr. Whale, which tracks whale movements, spotted the unusual movement and wrote on Twitter:
“This Shitcoin has increased by 66.5 million percent in the last 24 hours. Inexperienced retailers will find that now seems like a good time to buy. ”
However, he thinks this is a technical problem. Of course, the community was quick to speculate about this absurd matter.
“It’s not the pump, it’s just a bug in the CMC. There is no pump and in general there is no pump coin. Sustainable growth, “affirmed one member.
Another member sarcastically:
“The current market capitalization is $ 4.4 trillion. That’s $ 4,400 billion. That is a fifth of ISIS GDP. So great!”
The current market capitalization is $ 4.4 trillion. It’s $ 4,400 billion. It’s like 1/5 of ISIS GDP. Well done! pic.twitter.com/jYiAnqXk1z
– Andy ebut (@abebut) November 13, 2021
A closer look reveals that this is not the first time an anonymous coin has generated sudden and astronomical gains. In 2017, 3 cryptocurrencies gained more than 100,000% or Verge (1,581.942%), Einsteinium (262.195%) and Reddcoin (132.712%). All three have certain catalysts that worked for these tokens. Most of the time, however, the fear of missing out on the big profits played a large role in the price development.
Unsurprisingly, all of the above tokens are trading in the red below $ 1 at press time. Verge (XVG), Einsteinium (EMC2) and Reddcoin (RDD) saw corrections of 8%, 3% and 1%, respectively, within 24 hours.
Now when we talk about the Shitcoin category, it is impossible to ignore the Squid Game Token (SQUID). It’s grown a whopping 2500% on a 90% increase in trading volume. Before it went away, however, it rocked thousands of investors and the entire industry was stunned.
All in all, the promise of these coins is like a PR for a luxury lifestyle brand: If you come at the right time and buy a large amount of these coins, you can get rich beyond your means. But it’s a promise that rarely comes true.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
According to Ambcrypto