Market

Pump & Dump Era: This anonymous altcoin climbs 70,000,000% from $ 0.07 to $ 50,000 with a capitalization of $ 4.4 trillion

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.

Source: CoinMarketCap

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!”

https://twitter.com/abebut/status/1459343932219957248?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener
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

Annie

According to Ambcrypto

Follow the Youtube Channel | Subscribe to telegram channel | Follow Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Qubetics Presale Price Surge Approaches: The Best Coins to Invest in Right Now While Toncoin, and XRP Gain Traction

Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…

7 minutes ago

Book of Meme Old News? This Best Meme Coin to Invest in 2024 Is Multiplying Gains Like a Champ

Over the years, meme coins have evolved from inside jokes into serious investment opportunities.

1 hour ago

Time’s Ticking on BlockDAG’s 5-Tier Bonus- Few Days Left to Grab It While Cardano Whales Take Action, Aave Rallies Strong

Discover BlockDAG's five-tier bonus program's closing phases that enhance buyer holdings. Gain insights on the…

2 hours ago

Best Altcoins to Buy for 2025: Qubetics Presale Surge, Solana’s Lightning Speed, and Cardano’s Blockchain Revolution

Discover why Qubetics, Solana, and Cardano are redefining the crypto landscape. Learn about milestones, price…

2 hours ago

Why Qubetics, NEAR Protocol, and IMX Are Dominating Crypto: The Best Altcoins to Join Today for Game-Changing Returns 

Discover why Qubetics, NEAR Protocol, and Immutable X are the best altcoins to join today,…

4 hours ago

Bonk’s ICO Was Just the Start: Why BTFD Coin’s Stage 7 Price Rollback Is Your Second Shot at Crypto Glory

BTFD Coin is offering a chance to relive the glory days of meme coin investing,…

5 hours ago

This website uses cookies.