Welcome to the age of pumping and emptying. Investors who previously missed out on Bitcoin’s “enrichment scheme” have now focused their loyalty on low-value tokens. Meanwhile, online pranksters take you wandering around tokens with meaningless names and no clear value.
Also known as shitcoins. If this all sounds like a joke or a scam or something in between, it’s because the shitty coins are half legitimate and half not. No, not the cryptographic tokens of the canine breed. looking past her now.
Imagine this, according to CoinMarketCap, this coin at the time of publication has walked to OVER 70,000,000% in price !!!
This happened to EthereumX (ETX) symbolic. EhereumX is a token that runs on Stellar Network and seeks to give Ethereum a run for its money by promising to be more scalable and efficient than the first.
This is the main joke
At the time of writing this article, it was trading above the $ 50,000 mark, ranked 201 with a market capitalization of $ 4.4 trillion. Even though there is no verified volume (* shitty coins look away *). Consider this though: just a few days ago, the same coin was trading at the $ 0.07 mark.
Mr. Whale, a prominent platform for tracking whale movements first highlighted the same thing on Twitter. He set:
“This shitcoin is up 66.5 million percent in the last 24 hours. Retail newbies are like: ooooh wow! now seems like a good time to buy “
However, he believed it was a technical problem. Needless to say, the community was quick to speculate on this absurd topic as well.
“This is not a bomb, this is just a bug at CMC. There was no bomb and, in general, it is not a bomb coin. Sustainable growth ”, member said.
Another member opined:
The current market capitalization is $ 4.4 trillion. It’s $ 4.4 billion. It’s like 1/5 of IS GDP. Good job! pic.twitter.com/jYiAnqXk1z
– Andy ℬebut 📈⚛🃏📢🗽 (@abebut) November 13, 2021
Moving away a bit, this was not the first time that a lesser-known coin made sudden and astronomical gains. In 2017, there were 3 cryptocurrencies increased more than 100,000%. the maximum 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, above all, the fear of missing out on big profits played an important role in pushing prices.
Well, it’s not that surprising that all of the above-mentioned tokens were trading in the red zone, below the $ 1 mark at press time. Verge (XVG), Einsteinium (EMC2) and Reddcoin (RDD) witnessed corrections of 8%, 3% and 1%, respectively, in 24 hours. Ergo, providing a self-explanation behind these “sudden” surges.
Now fast forward to a more recent shitcoin category, Squid Gaming Token “SQUID” would fit here as a perfect description. That increased by a whopping 2,500%, with a 90% increase in trading volume. However, it took thousands of investors on a whirlwind ride before disappearing and leaving the entire industry stunned.
All in all, the promise of these shitty coins is there as an advertisement for a luxury lifestyle brand – if you walk in at the right time and buy a large quantity of these coins, you could be a bajillionaire / bazillionaire as well.
This is a machine translation of our English version.